Facebook Finances $416M Prospero Solar Farm

Renewable energy developer, owner and operator Long Road Energy began construction on the Prospero solar farm in Andrews County, TX, north of Odessa. And, Facebook is making a direct investment of $416 million in the 379 megawatt-capacity, 4,600-acre West Texas solar farm. Prospero will be one of the largest solar farms in the U.S. when it is completed in 2020. Facebook is the sole tax equity investor for the project.

The Prospero solar farm will deliver more than $21 million in property taxes, including more than $12 million to the Andrews Independent School District. The project will also create several hundred construction jobs, as well as jobs for the operating facility.

Shell Energy North America (SENA) signed a 12-year Power Purchase Agreement for the project’s power off-take, which is one of the first off-take agreements of this type in the solar industry.

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