September 25 (Renewables Now) - Lightsource BP, the solar power company backed by BP Plc (LON:BP), said on Tuesday it has closed more than USD 140 million (EUR 127.3m) in financing for a seven-project solar portfolio across the US.
The company has obtained tax equity financing from Rockwood Group through its partnership with The Guardian Life Insurance Company of America, while senior project finance debt will come from National Westminster Bank PLC (NatWest). Lightsource BP said it will provide the balance of the required investment.
The financing is for a 125-MW portfolio that includes: the Whitetail Solar 1, 2 and 3 projects in Franklin County, Pennsylvania; the Johnson Corner Solar project in Stanton County, Kansas; the Wildflower Solar project in Sacramento County, California; and the Grants Solar and Bluewater Solar projects in Cibola County, New Mexico.
The Whitetail Solar projects will supply Penn State University, while the Johnson Corner Solar plant will sell electricity to Mid-Kansas Electric Company. At the same time, Wildflower Solar will sell power to Sacramento Municipal Utility District, whilst the Continental Divide Electric Cooperative will buy the output of the Grants Solar and Bluewater Solar facilities.
Lightsource BP noted that the power supply contracts have terms of 20-25 years.
(USD 1.0 = EUR 0.909)