Lightsource BP, a global solar leader, said March 19 that it has successfully closed on a $250 million financing package for its Impact Solar project located in Lamar County, Texas, 120 miles northeast of Dallas.
The energy generated by the 260 MW project will be traded through a long-term agreement with BP.
“Our partnership with BP enables us to bring meaningful, large-scale solar projects such as this one in Texas to fruition,” Nick Boyle, Lightsource BP’s Group CEO, said. “We are continuing to support the transition towards a lower carbon energy system by successfully advancing our solar energy projects across the globe.”
Lightsource BP and project investors will fund an estimated $250 million into the solar plant. The senior debt facility for the project was provided by HSBC Bank USA, N.A. (HSBC) and National Westminster Bank PLC (NatWest). Tax equity financing was secured from Bank of America. Lightsource BP engaged several advisory firms to close the transaction, including Norton Rose Fulbright as external legal counsel and CohnReznick Capital as the tax equity advisor.
The project is expected to create almost 300 jobs in construction, operations, maintenance and asset management. In addition, generation from a project of this size and type would typically be expected to provide clean, cost-effective energy for the equivalent of more than 34,000 homes in the Texas market and provide an offset of 268,675 metric tons of greenhouse gas emissions each year, comparable to taking over 57,000 fuel-burning cars off the road.
Construction of the project has started with commercial operation expected by the end of 2020 and is being undertaken by Swinerton Renewable Energy.
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