Briar Creek solar

Innovative power contract for solar project located about 40 miles south of Dallas

Lightsource bp’s 153 megawatt Briar Creek solar farm in Navarro County, Texas entered commercial operation at the end of 2021. The electricity generated by the project is contracted under a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS), in partnership with Nephila Climate. The project is providing local economic benefits beyond clean and affordable electricity for the Dallas Fort Worth area. 

A pgPPA is similar to a virtual PPA, except it settles energy on proxy generation rather than metered generation. Proxy generation is an hourly index that specifies the volume of energy that a project would have produced if it had been operated as specified by the developer or owner. This innovative renewable energy contract structure is intended to manage weather related supply and volume risk. 

Lightsource bp is committed to being a long-term partner of the local communities in the Dallas Fort Worth area. Briar Creek is expected to generate $19.7 million in property tax revenue to Navarro County over its life, benefitting local schools and other community public services. Additionally, this solar project created about 250 jobs during construction and was part of a multi-project financing package which brought $380 million of private capital investment in new, local energy infrastructure for Texas.  

Coverage

Initial announcement
Financing closed & construction mobilized