Lightsource bp closes funding for 345-MWp solar project in Louisiana

Solar power plant. Image source: Lightsource bp.

January 13 (Renewables Now) - Lightsource bp, the UK-based solar developer half-owned by BP Plc (LON:BP), on Wednesday said it has closed a USD-533-million (EUR 465.7m) financing package that will help it build a 345-MW direct current (DC) solar park in Louisiana.

Wind funds in place, construction on the Ventress project has been initiated and the solar park is scheduled to go online in late 2023. According to Lightsource bp, this will be the largest photovoltaic (PV) farm in Louisiana.

The financing package represents multi-project debt and is tied to 480 MW of solar schemes proposed by the BP unit. The funds were extended by HSBC Bank USA, ING Capital LLC, Intesa Sanpaolo SpA, NatWest, Societe Generale, Standard and Chartered Bank. Lightsource bp provided the balance of equity requirements.

To be located about 30 miles northwest of Baton Rouge in Pointe Coupee Parish, the Ventress park will generate more than 600,000 MWh of electricity per year, which equals the average annual consumption of 59,000 US homes. The plant's output will be sold under long-term power purchase agreements (PPAs) to e-commerce giant eBay Inc (NASDAQ:EBAY) and fast-food chain McDonald’s Corp (NYSE:MCD).

Construction will take between 21 and 24 months and will be handled by LPL Solar.

(USD 1.0 = EUR 0.874)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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