Longroad reaches financial close for 400MW Texas solar project

AI generated summary

Longroad Energy has successfully reached financial close for its 400MW 1000 Mile solar project in Texas, marking a significant milestone as the company's seventh renewable energy initiative in the state. The project will utilize First Solar's Series 7 modules and is set to begin commercial operations next year. Meta, the technology giant, has signed a deal to purchase the entire electricity output from the project, highlighting the growing collaboration between tech companies and renewable energy developers.

Longroad's commitment to using US-made products aligns with recent tightening regulations regarding clean energy tax credits, which have shifted towards reducing reliance on overseas manufacturing. Despite the challenges posed by these regulations, tax credit support for solar projects has increased significantly over the past year. Although the 1000 Mile project does not incorporate a storage component, Longroad is actively expanding its storage portfolio, as evidenced by its recent financial close for the Sun Pond project in Arizona, which combines solar energy with battery storage.