Lightsource BP locks debt, breaks ground on 316 MWp of Texas solar

Lightsource BP, the solar power company backed by BP Plc (LON: BP), has mobilised construction on 316 MWp of solar projects in Texas after locking USD 380 million (EUR 312.3m) in debt financing.

The San Francisco-based company said on Tuesday it has secured a financing package from ING Capital LLC, part of Dutch lender ING Group BV, and France’s Societe Generale. Tax equity financing for the 163-MWp Elm Branch and the 153-MWp Briar Creek solar projects was provided by Bank of America, while Lightsource bp will cover the remaining equity requirements by itself.

The two photovoltaic (PV) parks will be located about 40 miles (64.4 km) south of Dallas and are planned to become operational by late 2021. McCarthy Building Companies is serving as the engineering, procurement and construction (EPC) contractor.

Lightsource BP has in place a virtual power purchase agreement (VPPA) with L3Harris Technologies for up to 100 MW of power from Elm Branch and a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS) tied for electricity from the Briar Creek park.

(USD 1.0 = EUR 0.822)

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