Longroad Energy Acquires 98 MWdc Titan Solar Project from Sunpin
Longroad Energy, a US-based renewable energy developer, owner, and operator, announced today it has closed on the acquisition of the 98 MWdc Titan Solar project ("Titan") from Sunpin Holdings, LLC ("Sunpin"). Titan is an operating project located in Imperial County, CA that produces enough energy for over 30,000 customers in Southern California.
Simultaneous with the closing, Great Bay Renewables made a royalty investment in Titan to finance the acquisition.
Located in the Imperial Irrigation District ("IID") territory, Titan sells power into the California Independent System Operator (CAISO) via firm transmission from IID. 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 the tax equity investor 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.