US-based renewable energy developer Longroad has signed an agreement with First Solar to acquire approximately 900MW Sun Streams solar projects in Arizona.
The acquired portfolio has potential for 1-2 GWh of battery storage.
The transaction includes Sun Streams 2, 4, and 5 solar projects. While the acquisition of Sun Streams 2, the closing of Sun Streams 4 and 5 is subject to regulatory approvals.
The projects will be powered with First Solar’s responsibly-produced solar technology.
McCarthy Building Companies is constructing 200MW Sun Streams 2, which is expected to be operational in June 2021. The electricity generated by the solar project will be sold under a long-term contract.
Sun Streams 4 and 5 are development projects, which are expected to become operational in 2022 and 2024, respectively.
Sun Streams 4 will have a capacity of 200MW, while Sun Streams 5 will have 500MW.
Longroad Energy CEO Paul Gaynor said: “Arizona is an important location for Longroad as we seek to bring competitive renewable projects to power buyers in the Western US.
“The Sun Streams complex is ideally positioned. It is adjacent to one of the most significant power hubs in the desert Southwest and California, the solar resource is excellent, and we have multiple transmission options with direct access to CAISO and the Southwest markets.
“We also have the ability to include a significant amount of energy storage capacity to make the assets even more competitive. We look forward to bringing the rest of the Sun Streams complex to fruition.”