Lightsource bp opens funds for 368 MW of solar projects in US
- Lightsource bp has protected USD 460 million (EUR 424.7 m) in financing to sustain the building and also procedure of two utility-scale solar farm projects in the United States, the UK-based solar energy specialist stated on Thursday.
The 368-MW portfolio had power purchase agreements (PPAs) with prominent off-takers in position, which facilitated funding, Lightsource bp claimed.
Financial institution of America, ING Capital LLC, Lloyds Banking Group, NatWest, Societe Generale provided the financial debt for the portfolio.
The projects covered by the funding are the 188-MW Honeysuckle Solar in St. Joseph County in the US state of Indiana and the 180-MW Prairie Ronde Solar in St. Landry Parish in Louisiana.
US wholesale power vendor AEP Energy Partners (AEPEP) is the off-taker of power generated by Honeysuckle Solar. McDonald's Corp (NYSE: MCD) acquired the entire output from Prairie Ronde Solar under its PPA.
"By leveraging residential content incentives offered in the Inflation Reduction Act, both the Honeysuckle and also Prairie Ronde solar projects provide interesting examples of the individual retirement account's benefits in actual action. With the best policies, we can boost made-in-America products, develop jobs and lower our nation's international dependence", commented Kevin Smith, CEO of the Americas, Lightsource bp.
United States photovoltaic panel manufacturer First Solar Inc (NASDAQ: FSLR) is supplying close to 800,000 panels for installation throughout both projects. New Mexico-based Array Technologies Inc (NASDAQ: ARRY) will provide its clever solar trackers.
South Bend, Indiana-based Inovateus Solar LLC is working as the engineering, procurement as well as construction (EPC) specialist for Honeysuckle Solar, while Florida-based LPL Solar fills in the exact same position for the Prairie Ronde project.
Building and construction is underway. Both solar farms are scheduled to find online in 2024, Lightsource bp included.