Lightsource bp, a prominent solar energy company, has successfully secured a substantial $348 million financing package for the development and operation of two utility-scale solar projects in Texas. These projects are poised to add an additional 288 megawatts of solar capacity, which will produce enough electricity to power roughly 50,000 homes, thus contributing to the security and diversification of the Texas electric grid.
The two solar projects, the 163MW Starr Solar project in Starr County, Texas, and the 125MW Second Division Solar project in Brazoria County, Texas, are presently under construction and are anticipated to be operational by 2024. In addition to providing clean and renewable energy, these projects are expected to create around 400 jobs during the construction phase.
Emilie Wangerman, the Head of USA and Chief Operating Officer (interim) at Lightsource bp, expressed her enthusiasm for achieving this significant milestone with the financing package. She highlighted the importance of expanding the company’s portfolio of solar and storage projects across the United States, while also noting the use of provisions of the Inflation Reduction Act of 2022 to monetize the projects’ investment tax credits, marking a first for Lightsource bp.
Simms Duncan, Senior Vice President of Structured Finance at Lightsource bp, added that this deal represents a groundbreaking accomplishment, being the first U.S. renewable energy project finance transaction to include both a transferability bridge loan and an equity partner bridge loan, solidifying Lightsource bp and its lenders’ positions as market leaders.
The financing package included a notable lineup of world-class finance partners, such as Societe Generale, ING, NatWest, Lloyds Banking Group, and Allied Irish Banks, all of which have been long-standing supporters of Lightsource bp’s renewable energy initiatives.
Once operational, the Starr and Second Division Solar projects will further diversify the Texas electric grid and contribute to the state’s energy security, particularly during extreme weather conditions. Lightsource bp currently operates three other solar projects in Texas, which have proven to be crucial in maintaining a stable energy supply during adverse weather events in recent years.
The successful financing of these solar projects not only demonstrates Lightsource bp’s commitment to expanding solar energy infrastructure, but also sets a new standard for renewable energy project financing in the United States. The company’s dedication to sustainability and innovation in the renewable energy sector has been further highlighted by recent achievements, including the closing of a tax equity deal for a 188-megawatt solar project in Indiana and recognition for their DEIJ commitment in the U.S. solar industry.
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