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Longroad Energy closes financing deal with Facebook for 379-MW Texas solar farm

Renewable energy developer Longroad Energy Holdings LLC secured about a $416 million financing package and started construction of the Prospero Solar Energy project in Andrews County, Texas.

Facebook Inc. will become the sole tax equity investor in the project, according to a May 30 news release. Once completed in 2020, the output of the 379-MWdc nameplate capacity facility will be sold to Shell Energy North America (US) LP under a 12-year power purchase agreement.

Shell and Facebook will share the renewable energy attributes produced by the solar facility.

CIT Bank NA is the coordinating lead arranger, administrative agent and collateral agent for the project's construction and term financing. Silicon Valley Bank and Zion's Bancorporation NA are joint lead arrangers. National Australia Bank Ltd., Landesbank Hessen-Thüringen Girozentrale (Helaba), Rabobank and Commerzbank also participated in the deal.