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Longroad Energy, a prominent U.S.-based renewable energy developer, owner, and operator, has announced the successful financial close of its Serrano project. Located in Pinal and Pima Counties, Arizona, Serrano comprises a 220 MWdc solar array paired with a 214 MWac / 855 MWh energy storage facility. This marks Longroad’s inaugural project utilizing First Solar’s domestically manufactured Series 7 panels. Construction has commenced, with commercial operations slated for mid-2025.
Arizona Public Service (APS) has inked a long-term Power Purchase Agreement (PPA) to procure the output from Serrano. The project is anticipated to provide electricity for approximately 61,000 Arizona households, aiding grid stability, especially during peak summer demand.
Paul Gaynor, CEO of Longroad Energy, expressed satisfaction with achieving financial closure and initiating construction on the Serrano project. Gaynor emphasized Longroad’s commitment to supporting American manufacturing and the domestic solar supply chain while expanding its presence in Arizona’s thriving solar market, which now boasts over 1.5 GW of operational or under-construction projects.
Brian Cole, APS Vice President of Resource Management, praised the value that solar plus storage projects like Serrano bring to Arizonans, enhancing the utility’s energy mix with reliable, affordable, and clean power.
Serrano marks another milestone in the longstanding collaboration between Longroad and U.S.-based solar manufacturer First Solar. It represents the fourth Arizona project financed by Longroad in four years utilizing First Solar modules.
Debt financing for Serrano was led by CIBC and Societe Generale, with support from ANZ, PNC, Commerzbank AG, and U.S. Bancorp Impact Finance. Athene Annuity and Life Insurance Company, an affiliate of Apollo Global Management, serves as the project’s tax equity investor.
McCarthy Building Companies is the engineering, procurement, and construction (EPC) contractor for Serrano, expected to employ over 300 individuals during construction, adhering to prevailing wage regulations.
Serrano’s battery energy storage system (BESS), provided by U.S.-based Powin, will feature SMA inverters and AESC cells integrated into Powin’s CentipedeTM Energy Storage Platform. Longroad, Powin, and NovaSource Power Services will deliver long-term operations and maintenance services for the BESS.
Nextracker and Sungrow are supplying trackers and solar inverters, respectively, while NovaSource Power Services and Longroad Energy Services will provide comprehensive operations and maintenance services.
Environmentally, Serrano will annually avoid over 330,000 metric tons of CO2 emissions, equivalent to removing approximately 75,000 gas-powered cars from the road. Over its lifespan, the project is expected to contribute more than $25 million in revenue for Arizona schools and communities through a long-term Right of Way grant with the Arizona State Land Department and tax remittances.
Longroad extends gratitude to officials and staff from Pinal County, Pima County, and the Arizona State Land Department for their collaborative efforts during the project’s development and construction phases. |
