Advancing Solar Energy Across the U.S.
Lightsource BP Secures Solar Tracking Equipment from Array Technologies for over 1.5 Gigawatts of Projects Across the U.S.
$100 million transaction supports Lightsource BP’s construction plans in the U.S.
SAN FRANCISCO, California – Lightsource BP, a global solar leader, has announced the purchase of approximately $100 million in equipment from Array Technologies, an industry leader in reliable solar tracking solutions.
The investment in single-axis solar tracking equipment was completed in December, and is the first phase in the construction of over 1.5 gigawatts of large-scale solar projects in the U.S. This represents a significant portion of Lightsource BP’s projected build program in the U.S. over the next few years.
This agreement comes after recent collaboration between Lightsource BP and Array Technologies on a milestone 200 megawatt project in Australia.
“We’re pleased that we will have certainty of equipment supply as well as cost savings for our solar projects located across the country,” said Kevin Smith, Lightsource BP’s CEO of the Americas. “Lightsource BP is well positioned to execute its ambitious plan to deliver more than 4 gigawatts in the U.S. by 2023.”
“We are delighted to be working with Lightsource BP to deliver on this robust pipeline of projects,” stated Jim Fusaro, CEO at Array Technologies. “This agreement demonstrates the quality and bankability of Array’s single-axis tracking system over a diverse set of developments. Collaborations, such as this, showcase the flexibility and adaptability of both our business and our products.”
Lightsource BP, leveraging the strategic participation of BP as a 50% shareholder, is helping drive the global low-carbon energy transition with competitively priced, dependable, clean energy for businesses and communities. Since Lightsource BP announced its expansion into North America in late 2017, the team has driven exponential growth with a pipeline of almost 6 gigawatts of solar projects across the United States that includes 540 megawatts of announced power purchase agreements (PPAs) in 2019 and 366 megawatts of projects currently in construction in four states.
Lightsource BP financed the equipment purchase with an equipment loan underwritten by CoBank, ACB – one of the largest private providers of credit to the U.S. rural economy with more than $135 billion in assets. CoBank’s customers include agribusiness, power, water and telecommunications.
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