$97.9M tax equity deal for Peacock Solar

Lightsource bp and Pinnacle Financial Partners announce $97.9M tax equity deal for Peacock Solar in San Patricio County, TX

• This deal marks second transaction between Lightsource bp and Pinnacle Financial Partners.
• To date, Lightsource bp has raised over $5 billion in third-party capital to support USA projects.
• Peacock Solar expected to generate over 360,000 MWh annually to partially power Gulf Coast Growth Ventures’ manufacturing complex.

Lightsource bp and Pinnacle Financial Partners today announced the closing of an $97.9 million tax equity deal to finance the 187 MW Peacock Solar in San Patricio County, TX.

This marks the second tax equity transaction between Lightsource bp and Pinnacle, and Pinnacle’s first production tax credit (PTC) equity deal.

To date, Lightsource bp has raised over $5 billion in third-party capital to support USA projects.

“We’re proud to collaborate with Pinnacle Financial Partners on this tax equity deal for Peacock Solar,” said Emilie Wangerman, Lightsource bp Chief Operating Officer and Head of USA. “Our partnership reflects our shared commitment to develop creative, effective capital solutions that support growth and deliver value to all stakeholders. This deal is an important step forward in advancing the renewable energy infrastructure in Texas and across the USA.”

“Pinnacle Financial Partners is delighted to participate as a tax-equity investor in the Peacock Solar project developed by Lightsource bp,” said Frank Conley, head of Pinnacle Financial Partners’ solar capital advisory. “This investment builds upon Pinnacle’s growing relationship with Lightsource bp and reinforces our commitment to supporting clean energy initiatives that benefit local communities, create jobs, and advance a more sustainable future.”

About Peacock Solar

Lightsource bp developed, constructed and currently operates Peacock Solar, which commenced commercial operations in November 2024. The 187 MW project directly powers a nearby manufacturing complex owned by Gulf Coast Growth Ventures, a joint venture between ExxonMobil and the Saudi Basic Industries Corporation (SABIC).

During construction, the project created over 300 on-site jobs. Peacock Solar is expected to generate more than $25 million in tax revenue for the local community over 25 years.

The project actively fosters agricultural and biodiversity initiatives, incorporating sheep grazing to enhance land health and ecosystem services. In recognition of this innovative approach, Peacock Solar was awarded the 2025 North American Agrivoltaics Award for Solar Ranch of the Year.

About Lightsource bp

Lightsource bp develops and manages utility-scale onshore renewable and energy storage solutions globally. Our purpose is to deliver affordable and sustainable power for businesses and communities around the world. Our team includes over 1,000 industry specialists, working across 19 global regions. We provide full-scope development for our projects, from initial site selection, financing and permitting through to long-term management of projects and power sales to our clients.

About Pinnacle Financial Partners

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2024 deposit data from the FDIC. Pinnacle is No. 9 on FORTUNE magazine’s 2025 list of 100 Best Companies to Work For® in the U.S., its ninth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 12 years in a row and No. 1 among banks with more than $10 billion in assets in 2024.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $54.8 billion in assets as of June 30, 2025.  As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.