With the acquisition of the Titan Solar Project, Longroad enters the CAISO market and expands its California holdings to 340 MW.
Longroad Energy recently closed on the acquisition of the 98 MWdc Titan Solar project from Sunpin Holdings, LLC. Titan is an operating project located in Imperial County, CA that produces enough energy for approximately 30,000 customers in Southern California. Great Bay Renewables made a royalty investment in Titan to finance the acquisition.
Located in the Imperial Irrigation District territory not far from the U.S-Mexico border, Titan sells power into the California Independent System Operator (CAISO) via firm transmission from IID. The single-axis tracker project is situated on a 569-acre parcel between the Salton Sea and Anze Borrego Desert State Park. It reached commercial operations in December 2020.
“Titan is an attractive project as it allows Longroad to expand our footprint in the important CAISO market, while offering an opportunity to optimize value with our operations and development expertise,” said Charles Spiliotis, Longroad Energy’s Chief Investment Officer. “It is the first acquisition since closing our $500 million equity investment, demonstrating Longroad’s objective of rapidly growing our operating portfolio. We are also pleased to partner again with Great Bay Renewables on this acquisition.”
Morgan Stanley is providing tax equity for the project. Allen & Overy served as Longroad’s counsel on the transaction.
The addition of Titan expands Longroad’s total of operating solar projects in California to approximately 340 MWdc.
Longroad Energy is a Boston-based company that was founded in 2016 by the former executive team of First Wind. The company currently owns 1.5 GW of wind and solar projects across the United States and operates and manages a portfolio of 3.5 GW of wind and solar projects on behalf of itself and third parties.
Longroad recently announced received financing and notice to proceed of the Three Corners Solar project, a 152 MW (DC) facility in Kennebec County, Maine, which upon completion by early 2024, is said to be the largest solar facility in the state. Longroad has developed many other large-scale solar projects, including a 200 MW facility for a Microsoft datacenter, and a 294 MW Muscle Shoals, Alabama solar facility it sold to Ørsted for operation in Tennessee Valley Authority territory.
In addition, Longroad announced in June that it made a strategic investment in Valta Energy, a California developer, owner, and operator of distributed solar projects. Longroad has the option to expand its equity investment over the next three years as part of the deal. This equity investment will provide growth capital to Valta’s development pipeline, which currently exceeds 200 MW of contracted solar assets in development, construction, or operations. Valta’s operating assets are primarily in Massachusetts, California, and Hawaii.
