GLOBAL

Lightsource BP completes financing on 260MW solar project in Texas

Partnership with BP facilitates long term power agreement and showcases the ability of the company to deploy large-scale solar projects

SAN FRANCISCO, California – Lightsource BP, a global solar leader, today announced 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.

Dev Sanyal, incoming EVP Gas and Low Carbon Energy, BP said “This project demonstrates that the competitiveness of solar energy means that power offtake structures widely and historically used for conventional generation are now gaining traction for solar energy projects. We see an exciting future from the increase in competitive renewable energy in the US power markets, and opportunities to integrate this with trading and customer capabilities.”

“Our partnership with BP enables us to bring meaningful, large-scale solar projects such as this one in Texas to fruition,” said Nick Boyle, Lightsource BP’s Group CEO. “We are continuing to support the transition towards a lower carbon energy system by successfully advancing our solar energy projects across the globe.”

Kevin Smith, Lightsource BP’s CEO of the Americas said “At Lightsource BP we’re on a mission to rapidly accelerate the growth in renewable energy, while maximizing the environmental and local community benefits of each of our solar projects. We’re looking forward to working with our partners, suppliers and the community in Lamar County to bring this responsible solar approach to our project in Texas.”

Leading financial institutions support US transition to low carbon future

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). HSBC, acting as the Coordinating Lead Arranger and Joint Lead Arranger, is part of HSBC Group, one of the world’s largest banking and financial services organizations. NatWest, acting as the Joint Lead Arranger, is a major retail and commercial bank and leading project financing lender in Europe and long-standing partner of Lightsource BP. 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.

Project benefits go beyond clean, affordable energy

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. Construction is being undertaken by Swinerton Renewable Energy, who is building commercial facilities and renewable energy projects across the US and has a long and successful track record of building projects in Texas.

Working safe and smart

At Lightsource BP, the health and well-being of our team members and partners is our top priority. We are actively monitoring updates regarding the Coronavirus (COVID-19) and are following precautions and guidelines provided by the CDC and public officials.

News

29 Oct, 2024

Wool quality and sustainability: Insights from Lightsource bp’s Wellington solar farm 

Lightsource bp has seen promising results from the second round of wool testing at its Wellington solar farm, in New South Wales, Australia.

Read Story

24 Oct, 2024

bp completes acquisition of Lightsource bp

bp has completed its acquisition of the remaining 50.03% interest in Lightsource bp.

Read Story

17 Oct, 2024

Honeysuckle Solar: Recharging American Energy

Indiana reaps benefits of American-made energy investment as Lightsource bp’s Honeysuckle Solar goes online.

Read Story

16 Oct, 2024

Lightsource bp Executives interview with Women of Today about empowering inclusion

Adele Ara and Heather Hayes spoke to Women of Today about the company's last 14 years and our work around diversity, equity and inclusion.

Read Story

10 Oct, 2024

Poland: Celebrating the official opening of Kotuń solar farm – our first solar project in Poland

The Kotuń solar farm is a key project for Lightsource bp and represents an important step in the development of renewable energy sources in Poland.

Read Story

09 Oct, 2024

The overlooked quick win for European renewables

Despite significant growth in renewable energy, the sector is calling for more grid investment and faster permitting to unlock its full potential.

Read Story

07 Oct, 2024

Lightsource bp joins new World Economic Forum coalition to accelerate responsible renewable infrastructure deployment 

Lightsource bp has joined industry peers, environmental non-profits and the World Economic Forum (WEF) to launch the Responsible Renewables Infrastructure Coalition.

Read Story

30 Sep, 2024

Lightsource bp founder recognised with UK solar achievement award

Lightsource bp co-founder, Nick Boyle, has been recognised by the UK Solar & Storage Live Awards with the lifetime achievement accolade.

Read Story

30 Sep, 2024

How the solar industry is setting the pace for economic growth

New employment data for the solar industry in Europe has revealed the continued growth of job creation in the sector in 2023.

Read Story

25 Sep, 2024

Lightsource bp and Schroders Greencoat: Partnering for the future

The scalable and flexible nature of solar power lends itself well to collaborations and partnerships.

Read Story