Royalty Investment in Texas Solar Project

Pierce Atwood represented Great Bay Renewables in its $35 million royalty investment in a 250MW solar project developed by Longroad Energy, known as Prospero 2. The Prospero 2 solar project, located in Andrews County, Texas, achieved commercial operation on August 2, 2021, and is operated by Longroad. The solar facility is located on land leased from the University of Texas under a long-term lease agreement.

Frank Getman, CEO of Great Bay Renewables, noted, “This is our first royalty investment directly into an operating project, which speaks to the increasing adoption of our partner-like funding and greatly expands the addressable market for our royalty investment product.”

In addition to representing Great Bay Renewables in this and other royalty investment transactions, Pierce Atwood attorneys played a critical role in developing this novel royalty investment structure.