Facebook Makes Tax Equity Investment In Texas Solar Project; Shell Signs PPA With Project
Longroad Energy announced today the financial close and start of construction of its Prospero Solar project (nameplate capacity 379 MWdc) in Andrews County, Texas with a total financing package of approximately $416 million.
Facebook will be the sole tax equity investor for the project. Longroad said that, "Facebook has been a global leader in the procurement of clean energy, but this will be the company's first direct investment in a renewable energy project."
Shell Energy North America (SENA) signed a 12-year Power Purchase Agreement for the project's power off-take
Both Facebook and Shell will share the renewable energy attributes generated by the project's energy production.