316 MW Solar PV Capacity Enters Construction In Texas

• Lightsource BP has secured financing for 316 MW solar PV capacity it is building in the US
• The 2 projects have raised $380 million financing package from ING Capital LLC and Societe Generale with Lightsource BP pooling in remaining equity investment
• Tax equity financing for 163 MW Elm Branch and 153 MW Briar Creek solar facilities has come from the Bank of America
• EPC service provider McCarthy Building Companies has started constructing the projects

For 2 of its solar power projects in Texas, US, Lightsource BP has achieved financial closure adding up to a total of $380 million financing package and put the projects under construction, the company announced.

Tax equity financing is being shelled out by the Bank of America, while ING Capital LLC and Societe Generale provided debt for the 316 MW capacity that's to come online as 163 MW Elm Branch and 153 MW Briar Creek solar projects. Lightsource BP will pool in balance equity investment.

What makes these projects attractive to investors and provides financing options to Lightsource BP are the power purchase agreements (PPA) that it has secured for both the facilities. Earlier this month, it signed a proxy generation pgPPA with Capital Solutions unit of Allianz Global Corporate & Speciality (AGCS) for 153 MW Briar Creek Solar Farm (see 'Innovative' Deal For Lightsource BP's 153 MW Project).

For the 163 MW Elm Branch project, in September 2020 it signed up defence and aerospace technology company L3Harris Technologies for 100 MW virtual PPA (see Lightsource BP Secures VPPA For 100 MW PV Capacity).

Projects are now being built by McCarthy Building Companies as the EPC service provider.

"This transaction is a demonstration of the low risk and stable yield opportunities that renewable energy projects offer to investors, the quality and bankability of our developed assets, and the confidence that top tier investors have in Lightsource bp," said Lightsource BP's CEO of the Americas, Kevin Smith. "Despite challenges posed with COVID-19, Lightsource bp reached financial close on over $1.2 billion in transactions in the US in 2020, a substantial increase from 2019."

Elsewhere in Europe, Lightsource BP made its largest acquisition in the continent buying over 1 GW solar PV capacity from RIC Energy aiming to secure renewable energy buyers across the region for the power generated (see Lightsource BP Invests In 1 GW Solar Capacity In Spain).