Global law firm Norton Rose Fulbright advised Longroad Energy Holdings LLC on corporate and tax matters related to a total financing package of approximately US$416 million for its Prospero solar farms in West Texas, allowing for the project's financial close and start of construction.
When completed in 2020, Prospero Solar in Andrews County will be one of the largest solar farms in the US, with a nameplate capacity 379 MWdc.
Facebook will be the sole tax equity investor in the project. Facebook has been a global leader in procurement of clean energy, but Prospero marks the company's first direct investment in a renewable energy project.
Shell Energy North America (SENA) inked a 12-year Power Purchase Agreement for the project's power off-take, one of the first off-take agreements of this type in the solar field.
The Prospero solar farm will cover about 4,600 acres and deliver more than US$21 million in property taxes.
Longroad Energy is focused on renewable energy project development, operating assets, and services and owns 684 MW of operational wind and solar projects in the US.
Robert Eberhardt, Christine Brozynski and Connie Gao (New York) advised Longroad on corporate matters while Keith Martin (Washington, DC) and Amanda Rosenberg (Los Angeles) advised the company on tax issues.