US-based renewable developer Longroad Energy has achieved financial close for Sun Streams III, its 285MWdc photovoltaic (PV) and 215MWac/860MWh storage project.
Located in Maricopa County, Arizona, the Sun Streams III project is expected to come online in 2024.
Debt financing for the project was led by CIBC and KeyBank and joined by ANZ, Commerzbank, PNC and Silicon Valley Bank.
KeyBanc Capital Markets and CIBC served as coordinating lead arrangers for Sun Streams III, while the US Bank acted as the project’s tax equity investor.
Longroad Energy CEO Paul Gaynor said: “We are pleased to have achieved the key milestones of financial close and commencement of construction on Sun Streams III, the latest phase of our flagship solar-plus-storage complex located at one of the most significant power hubs in the western US.
“We are grateful to APS, our lenders led by CIBC and KeyBank, and US Bank as our tax equity investor, as we move forward to bring this significant project to commercial operation.”
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Longroad Energy said that construction works at the site are already underway and are expected to create more than 300 jobs.
Once operational, Sun Streams III will be the largest solar and storage project in Longroad’s operational portfolio.
The project will have the capacity to power 90,000 homes while offsetting around 460,000t of carbon emissions a year.
It will be linked to the grid at the Hassayampa switchyard, which is a major transmission hub in the western US.
Last year, Longroad acquired the Sun Streams III facility from First Solar, which is now also supplying Series 6+ solar modules for the project.
US-based energy storage platform Powin is providing the project’s battery energy storage system (BESS), which has 215MW/860MWh of capacity.
Nextracker has agreed to deliver trackers for the project, while SunGrow is supplying the solar inverters.