Longroad Energy, a prominent renewable energy developer, owner, and operator based in the United States, has announced the successful financial closure of the Serrano project. Located in Pinal and Pima Counties, Arizona, Serrano is a significant endeavor comprising a 220 MWdc solar array coupled with a 214 MWac / 855 MWh storage system. This venture marks Longroad’s inaugural utilization of First Solar’s domestically manufactured Series 7 panels and is anticipated to commence commercial operations by mid-2025.
The output from the Serrano project has been secured through a long-term Power Purchase Agreement (PPA) with Arizona Public Service (APS). With the capacity to power approximately 61,000 homes in Arizona, the project is expected to bolster grid reliability, particularly during the region’s hot summer months.
Paul Gaynor, CEO of Longroad Energy, expressed satisfaction at achieving the milestones of financial closure and construction commencement for the Serrano project. He emphasized Longroad’s commitment to supporting American manufacturing and the domestic solar supply chain while expanding their footprint in Arizona’s robust renewable energy market.
Brian Cole, APS Vice President of Resource Management, lauded the project’s contribution to providing reliable, affordable, and clean energy to Arizonans, underscoring the value of investments in cost-effective renewable projects for enhancing the energy mix.
Serrano symbolizes a longstanding collaboration between Longroad and U.S.-based solar manufacturer First Solar, marking the fourth Arizona project employing First Solar modules financed by Longroad in four years. Georges Antoun, Chief Commercial Officer of First Solar, commended Longroad’s progress on the project, highlighting the support for American-made solar technology and its role in fostering U.S. manufacturing and job creation.
The project’s debt financing was led by CIBC and Societe Generale, with participation from other financial institutions. Peter O’Neill, Head of U.S. Project Finance and Infrastructure at CIBC, expressed pride in leading the financing for Serrano, emphasizing CIBC’s commitment to the renewable energy sector.
McCarthy Building Companies serves as the engineering, procurement, and construction (EPC) contractor for Serrano, continuing their collaboration with Longroad. The project is expected to generate employment opportunities for over 300 individuals during the construction phase, with a focus on utilizing registered apprentices and paying prevailing wages to workers.
Serrano’s battery energy storage system (BESS) will be provided by U.S.-based energy storage platform provider Powin, with long-term operations and maintenance services to be provided by Longroad and Powin. Nextracker and Sungrow are supplying trackers and solar inverters, respectively, while NovaSource Power Services will deliver comprehensive operations and maintenance services for the project.
Environmental and community considerations are integral to the Serrano project, which is estimated to annually avoid over 330,000 metric tons of CO2 emissions, equivalent to removing approximately 75,000 gas-powered cars from the road. Over its useful life, Serrano is expected to contribute over $25 million in revenue for Arizona schools and communities through its long-term Right of Way grant with the Arizona State Land Department and tax remittances. Collaboration with local authorities and stakeholders has been pivotal throughout the project’s development and construction phases
