(Bloomberg) — Longroad Energy arranged financing for a 215-megawatt portfolio of solar projects under construction in California.
KeyBanc Capital Markets Inc. and Banco Santander SA were coordinating lead arrangers for $333 million in credit facilities, according to a statement. U.S. Bancorp is the tax-equity investor.
The California portfolio, called Little Bear Solar, totals four projects in Fresno County expected to be completed by year-end.
Two Danish pension funds, PKA and PenSam, represented by their investment manager AIP, are investing in 50% of the equity interests in Little Bear Solar and Prospero I Solar, a 379-megawatt project in Andrews County, Texas. Prospero I is slated to come online in the second quarter.
©2020 Bloomberg L.P.