January 27, 2021 Read More →

Lighthouse BP begins construction of two Texas solar farms totaling 316MW

ReNews.biz:

Lightsource BP has concluded a $380m financing and begun construction of 316MW of solar in Texas. The projects are the 163MW Elm Branch and the 153MW Briar Creek and commercial operation of both projects is expected by late 2021.

Tax equity financing for the projects was secured from Bank of America. The debt for the facilities was provided by the following mandated lead arrangers including ING Capital. The balance of the equity requirements will be invested by Lightsource BP.

Lightsource BP CEO Kevin Smith said: “This transaction is a demonstration of the low risk and stable yield opportunities that renewable energy projects offer to investors, the quality and bankability of our developed assets, and the confidence that top tier investors have in Lightsource BP. Despite challenges posed with covid-19, Lightsource BP reached financial close on over $1.2bn in transactions in the US in 2020, a substantial increase from 2019.”

Power contracts secured with energy partners played a key role in supporting investment and financing of the two solar projects.

These comprise a virtual power purchase agreement (VPPA) with L3Harris Technologies for up to 100MW of capacity from Elm Branch and a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty for electricity generated by Briar Creek.

More: Lightsource BP turns sod on 316MW Texas solar

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