Longroad Energy, a renewable energy developer, has closed the acquisition of the 98 MWdc Titan Solar project from Sunpin Holdings.
Titan located in Imperial County, CA produces enough energy for over 30,000 customers in Southern California.
Great Bay Renewables made a royalty investment in Titan to finance the acquisition.
Titan sells power into the California Independent System Operator (CAISO) via firm transmission from IID. It reached commercial operations in December 2020.
Charles Spiliotis, Longroad Energy’s Chief Investment Officer, said: “It is the first acquisition since closing our $500 million equity investment, demonstrating Longroad’s objective of growing our portfolio.”
Morgan Stanley is the tax equity investor for the project. Allen & Overy served as Longroad’s counsel on the transaction.
The addition of Titan expands Longroad’s total of operating solar projects in California to approximately 340 MWdc.