Longroad Energy announced it has secured financing for its 1000 Mile Solar project, with a capacity of 400 megawatts direct current (MWdc), equivalent to 300 megawatts alternating current (MWac). Located in Yoakum County, Texas, the project has entered the construction phase and is expected to begin commercial operations in 2026. The entire output will be covered by a purchase agreement signed in 2024 with Meta, including a financial settlement for all energy production.
A strategic step for Longroad Energy
According to Paul Gaynor, Chief Executive Officer of Longroad Energy, the project represents an important milestone in the company’s portfolio. It is the first project developed by Longroad in the Southwest Power Pool (SPP) market area, adding to projects already completed in the Electric Reliability Council of Texas (ERCOT) and Midcontinent Independent System Operator (MISO) regions. Altogether, these developments bring Longroad’s capacity in Texas to 2.1 gigawatts.
Diversified financing
Morgan Stanley Renewables Inc. provided a tax equity commitment for the project. Debt financing was arranged by Societe Generale and Canadian Imperial Bank of Commerce (CIBC), joined by Australia and New Zealand Banking Group, Barclays and Key Bank. Representatives from the participating banks highlighted that the transaction addresses growing demand for new power capacity.
Key suppliers and partners
First Solar will supply its U.S.-made Series 7 photovoltaic modules. SOLV was selected as the engineering, procurement and construction contractor. The project will employ more than 400 workers at peak construction. Nextracker will provide solar tracking equipment with a 75-degree rotation capability to optimise performance.
Local economic impact
According to Longroad Energy, 1000 Mile Solar will generate more than $18 million in tax revenue for local jurisdictions over the life of the project. Operations and maintenance will be provided by Longroad Energy Services, with support from Northstar Energy Management, LLC.
