Lightsource taps BP and major banks to finance 260MW PV project in Texas

Mar 19, 2020 05:47 PM ET
  • Lightsource BP has actually employed its oil significant backer BP and also several of the globe's biggest financial institutions to fund a huge utility-scale solar project in Texas, with strategies to provide the plant by year-end.
Lightsource taps BP and major banks to finance 260MW PV project in Texas
Image: Cyril Fluck / Flickr

The developer's 260MW Impact Solar project in Texas' Lamar County will certainly be moneyed by US$ 250 million in financing, co-provided in between Lightsource BP itself, HSBC, NatWest as well as Bank of America.

The monetary close follows building and construction of the setup obtained underway some 120 miles to the northeast of Dallas, with business procedure set up by the end of 2020.

According to a declaration, BP-- which late in 2015 upped its risk in Lightsource BP from 43% to 50%-- will certainly obtain the plant's outcome under a lasting trading plan with the developer.

On the other hand, the 260MW solar endeavor will certainly gain from an elderly financial obligation center given by joint lead arrangers HSBC and also Natwest, with the previous of both tackling a collaborating function.

For its component, Bank of America will certainly add by providing tax obligation equity funding in the direction of the US$ 250 million bundle, worked out with consultants from Norton Rose Fulbright (lawful) as well as CohnReznick Capital (tax obligation equity).

For London-headquartered Lightsource BP, the venture right into United States solar is the current of a collection.

In the past year alone, the team has actually shut funding for a 125MW four-state profile, damaged ground on a 70MW Pennsylvania triad as well as introduced prepare for a 130MW endeavor in Alabama and also a 240MW plant readied to power a historical mill in Colorado.

Somewhere Else, Lightsource BP has in current plan up money to establish a 700MW worldwide pipe, scooped up a 1.9 GW profile in Brazil from developer Enerlife as well as lately chose a bifacial-plus-trackers technique for its very first Spanish solar advancements, a pipe of 300MW.

For its component, oil titan BP has in current weeks signed up with Repsol, Equinor as well as various other majors in the market in taking on targets to get to net-zero discharges by 2050, using a reorganisation of its core company locations among various other steps.

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