The Sun Pond project, expected to be operational by mid-2026, will significantly contribute to California’s renewable energy efforts. The output from this project will be purchased by the city of San Jose and Ava Community Energy, a utility servicing Alameda County, through long-term power purchase agreements (PPAs).
Project Financing and Partnerships
US Bancorp Impact Finance, a subsidiary of US Bank focusing on tax credit investments, is the project’s tax equity investor and is also leading the debt financing. They are joined by Commerzbank and CIBC, which are acting as joint lead arrangers and green loan coordinators. Recently, US Bancorp Impact Finance closed a tax equity commitment with Fengate Asset Management and developer Alpha Omega Power (AOP) for a 400MWh battery energy storage system (BESS) in California.
Key Project Components
The Sun Pond project will feature an 85MWac/340MWh BESS, provided by Fluence, a US energy storage provider. The project will also utilize power conversion systems (PCS) from EPC Power, and solar inverters supplied by Sungrow, a Chinese PV company. The BESS cells will be sourced from Automotive Energy Supply Corporation (AESC), a Japan-based lithium-ion battery manufacturer.
Fluence will collaborate with Longroad Energy and NovaSource Power Services to provide operations and maintenance (O&M) services for the Sun Pond project. NovaSource is also responsible for O&M services for the Powin-provided BESS on Longroad’s Sun Streams 3 project, which features 215MWdc solar PV and 215MW/860MWh of battery storage located in Arizona.
Advanced Technology Integration
John Zahurancik, President of Fluence Americas, noted that the Sun Pond project will utilize Fluence’s advanced asset management analytics tool, the AI-based Nispera APM software. This software is designed to enhance profitability, potentially increasing annual returns by 3-10%.
Contribution to Longroad’s Portfolio
The Sun Pond project is the fifth project financed by Longroad in four years to utilize First Solar’s thin-film Cadmium Telluride (CdTe) photovoltaic technology. It joins Longroad’s Sun Streams Complex, which includes three additional projects, bringing the total capacity of the complex to 973MWdc of solar and 600MWac/2,400MWh of storage.
Breakdown of Longroad’s Sun Streams Complex:
- Sun Streams 2 – Operational mid-2021: 200MWdc solar
- Sun Streams 3 – Operational mid-2024: 285MWdc solar, 215MWac/860MWh storage
- Sun Streams 4 – Expected mid-2025: 377MWdc solar, 300MWac/1200MWh storage
- Sun Pond – Expected mid-2026: 111MWdc solar, 85MWac/340MWh storage
In March, Longroad also closed on Serrano, a large-scale solar PV and battery storage project in Pinal and Pima Counties, Arizona, featuring PV modules developed by First Solar. Prior to this, Longroad finalized the Sun Streams 4 project, its largest solar and storage project to date, at 377MWdc PV and 300MWac/1200MWh.
Conclusion
The Sun Pond project represents a significant advancement in California’s renewable energy landscape, contributing to the state’s goals for sustainable energy and enhancing local energy resilience.
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