![Lightsource bp has raised $348 million to advance its 288 MW solar portfolio in Texas, US. (Photo Credit: Lightsource bp)](http://media.assettype.com/taiyangnews%2Fimport%2Fwp-content%2Fuploads%2F2024%2F02%2FLightsource-bp-1.jpg?w=480&auto=format%2Ccompress&fit=max)
Lightsource bp raises finance for Texas portfolio; Arevon lands $1.1B for California facility; Enel NA switches on 297 MW DC project & signs VPPA; Sandbrook invests in rPlus Energies; Matrix raises $283M for Idaho project; PLT Energia forms US JV for 330 MW solar & storage.
$348 million for Texas projects: Lightsource bp has achieved $348 million financing package for its 2 utility-scale solar projects in Texas. This will support the 163 MW Starr Solar Project in Starr County and the 125 MW Second Division Solar Project in Brazoria County. With Société Générale as the coordinating lead arranger and hedge provider, other lenders for this financing were ING, NatWest, Lloyds Banking Group and Allied Irish Banks (AIB). Both these projects are under construction and scheduled to be commissioned in 2024. These projects, once online, will take the company's total operational solar PV capacity in this US state from the current 576 MW in the form of 260 MW Impact, 163 MW Elm Branch and 153 MW Briar Creek Solar facilities.
Arevon raises finance for California project: Solar and storage projects company Arevon Energy has raised over $1.1 billion in aggregate financing commitments for its Eland 2 Solar-plus-Storage Project. Located in Kern County of California, the project has 374 MW DC solar and 150 MW/600 MWh of storage capacity. Commissioning is scheduled for Q1/2025. Arevon obtained a $431 million tax equity commitment from Wells Fargo and $654 million in debt financing including a construction-to-term loan, a tax equity bridge loan and letter of credit facilities. Eland 2 is contracted to supply electricity from 200 MW AC capacity to the Southern California Public Power Authority. Together with Eland 1, both these projects will be one of the largest operating solar-plus-storage installations in the country with a combined 751 MW DC solar and 300 MW/1,200 MWh of storage. Capital Dynamics owned Arevon raised $400 million for 6 GW solar and storage pipeline in 2022 (see North America Solar PV News Snippets).
297 MW solar plant online in Texas: Enel North America has announced the commissioning of its 297 MW DC Fence Post Solar Plant in Navarro County, Texas. The project has been operational since December 2023. The storage component with 86 MW DC rated capacity is currently undergoing final commissioning. Enel has also entered into a 12-year virtual power purchase agreement (VPPA) with the US automotive manufacturer Polaris for 22 MW DC of the project. It will match close to 22% of Polaris' US electrical use.
Sandbrook to invest in rPlus: Renewable energy developer rPlus Energies has secured up to $460 million commitment from private energy investment firm Sandbrook Capital. This investment will enable rPlus to bring online 1 GW of shovel-ready power generation and storage projects in the near term. rPlus claims to have a diversified 15 GW pipeline of solar, wind, battery and pumped storage hydropower projects. For Sandbrook, this is its 1st US investment following a successful $2.1 billion fundraising for its inaugural climate infrastructure fund and associated co-investment vehicles.
Debt transaction for Idaho project: TPG Rise-backed Spanish renewables player Matrix Renewables has closed on the construction-to-term loan financing of $283 million for a 260 MW DC solar plant in Idaho, US. It has also executed a production tax credit (PTC) transfer agreement for the 260 MW DC Pleasant Valley Solar facility. The project is under construction currently in Ada County and expected to come online in 2025. It is contracted under a 20-year PPA with Meta. Debt transaction was led by MUFG as the coordinated lead arranger and includes a construction loan, term loan and LC support. Mandated lead arrangers were a construction loan, term loan and LC support. The tax credit transfer agreement was executed with a property/casualty insurance company as the tax credit buyer and Stonehenge Capital as the tax credit servicer. Matrix said it has received a full 10-year PTC purchase commitment from the tax credit buyer.
US JV for 1 GW: Italy's renewable and storage company PLT Energia has entered into a joint venture (JV) with GGS Energy LLC to develop over 1 GW renewable energy in Texas. PLT has announced the JV via its US-based subsidiary PLT Energy US Corp. The maiden project of the JV is a 330 MW Indigo Project Phase I. It will comprise 150 MW PV and 180 MW storage capacity. Construction is scheduled for June 2024 through the JV company PLU US Solar 1 LLC with PLT Energy and GGS 80% and 20% stakeholders, respectively.