Longroad Energy, a U.S.-based renewable energy developer, owner, and operator, has closed on the acquisition of the 98 MW DC Titan Solar project from Sunpin Holdings LLC.
Titan is an operating project located in Imperial County, Calif., which produces enough energy for over 30,000 customers in Southern California.
Simultaneous with the closing, Great Bay Renewables made a royalty investment in Titan to finance the acquisition.
Located in the Imperial Irrigation District (IID) territory, Titan sells power into the California Independent System Operator (CAISO) via firm transmission from IID. It reached commercial operations in December 2020.
“Titan is an attractive project as it allows Longroad to expand our footprint in the important CAISO market, while offering an opportunity to optimize value with our operations and development expertise,” says Charles Spiliotis, Longroad Energy’s chief investment officer. “It is the first acquisition since closing our $500 million equity investment, demonstrating Longroad’s objective of rapidly growing our operating portfolio. We are also pleased to partner again with Great Bay Renewables on this acquisition.”
The addition of Titan expands Longroad’s total of operating solar projects in California to approximately 340 MW DC.
