HASI Invests in Lightsource bp's Texas Solar Projects

• Lightsource bp secures funding for a 288-MW solar portfolio in Texas, powering over 50,000 homes while advancing sustainability and supporting major corporate partners like H&M Group.

Lightsource bp, a subsidiary of BP Plc, has secured equity funding from HASI for a 288-MW solar project portfolio in Texas. This investment supports two utility-scale solar farms: the 163-MW Starr Solar in Starr County and the 125-MW Second Division in Brazoria County, which together can power over 50,000 homes annually.

Both projects are backed by long-term power purchase agreements with corporate buyers, including H&M Group, and are scheduled to commence operations by the end of 2024. They will utilize PV panels from First Solar and trackers from Array Technologies, contributing to Lightsource bp’s existing 576-MW fleet in Texas while also qualifying for benefits under the Inflation Reduction Act.

What are the key details of Lightsource bp's new solar project funding in Texas?

Here are key details related to Lightsource bp's new solar project funding in Texas:

• Project Scale: The new portfolio includes a total capacity of 288 megawatts (MW), combining two separate solar farms: the 163-MW Starr Solar and the 125-MW Second Division.
• Location: Starr Solar will be located in Starr County, while Second Division will be situated in Brazoria County, Texas, both strategically chosen for their optimal solar resource potential.
• Home Powering Capacity: The combined capacity of the two solar farms is estimated to provide renewable energy to over 50,000 homes each year, promoting sustainability within the local communities.
• Funding Source: The equity funding for this project is provided by Hannon Armstrong Sustainable Infrastructure (HASI), a firm known for financing sustainable infrastructure projects.
• Long-Term Agreements: Both solar projects are underpinned by long-term power purchase agreements (PPAs) with corporate entities like H&M Group, ensuring financial stability and predictable revenue streams for Lightsource bp.
• Operational Timeline: The projects are scheduled to begin operations by the end of 2024, positioning Lightsource bp to contribute significantly to renewable energy generation in the near term.
• Technological Components: To optimize efficiency, the solar farms will utilize photovoltaic (PV) panels manufactured by First Solar, a recognized leader in solar technology, and tracking systems from Array Technologies, enhancing their energy output.
• Renewable Energy Portfolio: This project will add to Lightsource bp's existing renewable energy portfolio in Texas, which currently includes a total of 576 MW of operational capacity, reinforcing the company's commitment to expanding its footprint in the U.S. renewable sector.
• Tax Incentives: Both projects are expected to leverage benefits from the Inflation Reduction Act, designed to stimulate investment in renewable energy by providing tax credits and incentives for clean energy projects.
• Sustainability Goals: The portfolio aligns with broader sustainability goals set by Lightsource bp and its parent company, BP Plc, which are focused on accelerating the transition to renewable energy and reducing carbon emissions globally.
• Community Impact: The projects are likely to have positive economic impacts, including job creation during construction and ongoing maintenance, and are expected to enhance local infrastructure and energy independence.

This new investment by Lightsource bp marks a significant step forward in Texas's renewable energy landscape, demonstrating the continued growth and importance of solar power in the state's energy mix.