Lightsource bp closes on US$ 533m funding package to fund building of 2 US solar PV projects amounting to 480MW

Jan 14, 2022 02:32 PM ET
  • Lightsource bp has actually closed on a US$ 533 million funding package for the development of 480MW of solar PV across the US as the business continues to expand its operations in the nation.
Lightsource bp closes on US$ 533m funding package to fund building of 2 US solar PV projects amounting to 480MW
Image: Lightsource BP

The funds will certainly be utilized to begin construction on its 135MWdc Conway Solar project situated near Happy, Arkansas in addition to on its 345MWdc Ventress Solar project near Baton Rouge in Pointe Coupee Parish, Louisiana.

In both instances Lightsource bp will certainly develop, have and also run the facilities and also has actually authorized "long-term" power purchase agreements (PPAs) with regional entities. In Arkansas, power is being provided to regional utility Conway Corp and also will be utilized to serve the City of Conway, while in Baton Rouge Lightsource bp has actually signed PPAs with McDonalds and also eBay.

Building and construction on the Conway project will certainly begin in March, with complete commercial procedure anticipated in mid-2023. Meanwhile, building has actually begun on the Baton Rouge plant, with the project readied to come online in late 2023.

Gibson Technical Services (GTS), a subsidiary of Orbital Energy Group, has actually been picked by Lightsource bp as the EPC professional for the Conway plant, while LPL Solar was designated as EPC for the Baton Rouge project.

Investors in Lightsource bp's US$ 533 million portfolio funding package were some of the world's most heavyweight banks as well as include: HSBC Bank United States, ING Funding LLC, Intesa Sanpaolo S.p.A. (New York Branch), NatWest, Societe Generale and Requirement Chartered Bank.

In the last 2 years, the Lightsource bp team has actually increased over US$ 2.3 billion in funding for its projects in ten states across the US.

In near similar statements relating to both projects, Kevin Smith, chief executive officer of Lightsource bp Americas, claimed "large-scale solar projects help enhance regional economic situations" which the firm looked forward to "bringing economic benefits" to the particular areas.

In December last year Lightsource bp closed on a US$ 100 million funding package for its 130MW Black Bear Solar energy project in Montgomery County, Alabama, which as soon as total will certainly increase the state's complete set up solar capacity by greater than 20%, according to the business.

As well as in October, it launched a 300MW solar project in Colorado that will "mainly" power a regional steel mill in what the business has said is a world first.

Internationally, Lightsource bp is targeting 25GW of solar PV by 2025 after protecting a US$ 1.8 billion financing facility in September 2021 that it stated will help fund its worldwide development.

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