Longroad Energy, a US-based renewable energy projects developer, owner, and operator, has sold its 108 MW Foxhound solar project to Dominion Energy. Foxhound, located in Halifax County, Virginia, has begun construction.
The financial details of the acquisition details were not disclosed. The project has long-term power purchase agreements. The financial close of the acquisition is expected once the Foxhound project reaches mechanical completion, which is anticipated for January 2024.
KeyBank and HSBC served as lenders. Balch & Bingham served as Longroad’s counsel on the transaction. The project also has long-term Power Purchase Agreements.
“Foxhound marks Longroad’s first solar project in Virginia and our first greenfield development project in PJM,” says 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.”
U.S.-based First Solar has supplied Foxhound with its domestically made Series 6+ solar modules. Nextracker is providing trackers for the project, and TMEIC is supplying solar inverters.
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.
According to Mercom’s Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW. In December 2022, Longroad Energy acquired a 98 MW solar project from Sunpin Holdings. The project has been operational since December 2020 in Imperial County, California.