New York-based CIT Group has arranged $266 million in financing to Longroad Energy for its 331-megawatt direct current solar project in West Texas, Kallanish Energy reports.
Construction has started on the new $320 million project.
“The Prospero 2 project represents another significant addition of renewable power capacity to Texas,” said Pete Kell, Longroad Energy’s chief financial officer, in a statement.
The Prospero 2 project will be located on 2,500 acres in Andrews County near Midland, Texas.
It is expected to begin commercial service in second quarter 2021.
Power will be sold under purchase agreements to DeVita and a subsidiary of Bionet Holdings.
The new project follows 378-megwatt Prospero 1, which is also located in Andrews County. It recently began commercial operations.
They are both among the largest solar projects in the state of Texas.
When Prospero 2 is completed, Massachusetts-based Longroad will have developed more than 2 gigawatts of solar and wind power in Texas.
CIT led the financing on the new project working with six banks.
This post appeared first on Kallanish Energy News.