Longroad Energy Holdings has achieved financial close and commenced construction on the 331-megawatt Prospero 2 Solar Project, spanning 2,500 acres in Andrews County, Texas.
Prospero 2 is adjacent to Longroad’s 379-megawatt Prospero 1 project, which recently declared commercial operations. Both projects are among the largest solar power generation facilities in Texas.
“We are pleased to bring Prospero 2 to financial close and to commence construction,” said Peter Keel, CFO of Longroad. “It’s always tough finalizing deals, but even more so in today’s challenging market.”
CIT Group’s Power and Energy business served as coordinating lead arranger on $266 million in financing for Prospero 2, and Prospero 1 before that.
CIT led a group of six other bank lenders in arranging financing on the project and is providing a comprehensive package of capital markets services and treasury management solutions, according to a statement by the bank. Longro
