Longroad Energy, a U.S. based renewable energy developer, owner, and operator, announced the sale of its 108 MWdc (83 MWac) Foxhound Solar project to Dominion Energy. Foxhound, located in Halifax County, Virginia, has reached full notice to proceed and has begun construction. The project has been in development for six years and will produce enough clean energy to power more than 17,000 homes. Financial close of the Foxhound acquisition is expected upon mechanical completion of the project which is anticipated for January 2024.
“Foxhound marks Longroad’s first solar project in Virginia and our first greenfield development project in PJM,” said Paul Gaynor, CEO of Longroad Energy. “We are pleased that Dominion Energy will be acquiring Foxhound to help support the sustainability goals of its key customers and renewable energy objectives set out in the Virginia Clean Economy Act. The project will be an important resource for Halifax County, and we are proud of Foxhound’s certification as Virginia Pollinator-Smart for its biodiversity commitments.”
The project has long-term Power Purchase Agreements (PPAs).
KeyBank N.A. and HSBC served as lenders. Balch & Bingham served as Longroad’s counsel on the transaction.
Biodiversity
Foxhound is the first-utility scale project to be certified as Virginia Pollinator-Smart, a biodiversity program overseen by the Virginia Department of Conservation and Recreation (DCR) and the Virginia Department of Environmental Quality (DEQ). As part of its certification, the Foxhound project will use native plant species under the solar panels and a pollinator-friendly seed mix around the arrays. The project’s use of pollinator plant species will help support beneficial native insect, bird and other wildlife populations while improving soil stabilization and water retention among many other ecosystem services.
“Planting species native to Virginia – whether at our state parks, on a solar energy facility, or in your backyard – helps to preserve the Commonwealth’s special natural heritage and biodiversity,” said Virginia DCR Director Matt Wells. “The benefits of Foxhound’s pollinator habit – both around the array and under the panels – will have a positive impact both on the project and the surrounding area. We commend Longroad Energy’s commitment to supporting biodiversity by being the first utility-scale solar project to achieve Virginia Pollinator-Smart certification.”
SOURCE: PR Newswire