Lightsource bp completes $348 million financing package for of new solar capacity in Texas
Thursday, 02/22/2024
Lightsource bp has successfully closed on a $348 million financing package, which will support the construction and operation of a 288 MWdc portfolio comprised of two utility-scale solar projects in Texas: 163MW Starr Solar project located in Starr County, Texas, AND 125MW Second Division Solar project located in Brazoria County, Texas.
Construction of both solar farms is underway, creating a combined 400 jobs during construction, with both projects scheduled to come online in 2024.
An important milestone
Emilie Wangerman, Head of USA, Chief Operating Officer (interim), Lightsource bp commented: “This deal is an important milestone towards building out our growing portfolio of solar and storage projects across the United States, extending our relationship with several top-tier financing counterparties, each of whom have partnered with Lightsource bp on previous transactions. It’s also our first transaction to benefit from the transferability provisions of the Inflation Reduction Act of 2022 to monetize the projects’ investment tax credits.”
Supported by world-class finance partners
Simms Duncan, Senior Vice President, Structured Finance, Lightsource bp, added: “We also believe that this deal is the first U.S. renewable energy project finance transaction to include both a transferability bridge loan and an equity partner bridge loan allowing Lightsource bp and its lenders to maintain their positions as market leaders.”
The Lightsource bp team has raised over $4.6 billion of third-party capital since 2019, supporting the commercialization of their U.S. renewable energy projects. Once complete, the Starr and Second Division Solar projects will join Lightsource bp’s operational fleet, bringing additional diversification to the Texas electric grid, especially important during extreme weather conditions.
Lightsource bp currently operates three solar projects in Texas: 260MW Impact, 163MW Elm Branch and 153MW Briar Creek Solar. The projects are real-life examples of the value of a diversified, integrated energy approach for the energy security and reliability.
Image: Lightsource bp
By INFOENERGÉTICA