Lightsource BP locks debt financing for 200 MWp of Aussie solar

Lightsource BP expansion into Brazilian PV sector

October 24 (Renewables Now) - Lightsource BP, the solar power company backed by BP Plc (LON:BP), has signed financing agreements for a 200-MWp solar park in New South Wales, its maiden photovoltaic (PV) project in Australia.

To be located near Wellington, the solar farm will be equipped with single-axis trackers by Array Technologies Inc and with Canadian Solar bifacial panels, which will rank it among the first utility-scale PV plants in Australia using such panels. Construction activities are due to begin shortly, Lightsource BP said on Wednesday.

The BP-backed developer will obtain a senior debt facility from Dutch lender ING (AMS:INGA) and Export Development Canada (EDC), with ING underwriting two-thirds of the project debt. The National Australian Bank (NAB) will act as facility agent and security trustee on behalf of the two lenders.

Once completed, the solar park will generate about 435,000 MWh of electricity annually, which will be enough to cover the demand of almost 72,500 homes. Most of its output will be sold to utility Snowy Hydro under a 15-year power purchase agreement (PPA).

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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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