Lightsource bp secures a $348 million financing package for the construction and operation of two utility-scale solar projects totaling 288 MWdc in Texas.These are:
63MW Starr Solar project located in Starr County
125MW Second Division Solar project located in Brazoria County
Both solar farms are currently under construction, generating a total of 400 jobs, and are expected to be operational in 2024. Lenders and financiers for this transaction include Societe Generale, ING, NatWest, Llyods Banking Group, and Allied Irish Banks.
Speaking about the development, Emilie Wangerman, Head of USA, Chief Operating Officer (interim), Lightsource bp said, “This deal is an important milestone towards building out our growing portfolio of solar and storage projects across the United States, extending our relationship with several top-tier financing counterparties, each of whom have partnered with Lightsource bp on previous transactions. It’s also our first transaction to benefit from the transferability provisions of the Inflation Reduction Act of 2022 to monetize the projects’ investment tax credits.”
Simms Duncan, Senior Vice President, Structured Finance, Lightsource bp, added,“We also believe that this deal is the first U.S. renewable energy project finance transaction to include both a transferability bridge loan and an equity partner bridge loan allowing Lightsource bp and its lenders to maintain their positions as market leaders.”
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