Longroad Energy, a U.S.-based renewable energy developer, owner and operator, has reached the financial close and sale of the Muscle Shoals Solar project, a 294 MW DC project located in Colbert County, Ala.
Ørsted, the global renewable energy company, acquired the project at financial closing. Muscle Shoals Solar, the largest renewable energy project in Alabama, is expected to come on-line in the middle of 2021 – Longroad Energy will manage the construction.
“Longroad is pleased with the results of our development and financing efforts,” says Charles Spiliotis, chief investment officer at Longroad.
“Closing renewable energy projects in the face of the global pandemic is a testament to the quality of the project, our team’s capabilities in development and financing and our track record of delivering high quality, competitive investments,” he adds.
The Muscle Shoals Solar project is expected to employ 300 people during the peak of construction activities. During construction, more than $1 million in sales and use tax revenue is expected to be generated. In the first 20 years of operations, the project is expected to deliver over $15 million in incremental property taxes, much of which will be directed to education.
The project has a 20-year power purchase agreement with the Tennessee Valley Authority (TVA). Wells Fargo is the sole tax equity investor in the project.
The major project components are as follows:
- EPC contract with Swinerton Renewable Energy
- Panel supply with First Solar, using Series 6 technology
- Inverter supply with Power Electronics
- Tracker supply with NEXTracker
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