Lightsource bp has successfully closed a $380 million funding deal and mobilized the building of its Elm Branch and Briar Creek solar projects in Texas, both located about 40 miles south of Dallas.
Tax equity funding of the ventures was secured from Bank of America. The debt for the facilities was provided by ING Capital and Societe Generale.
“This transaction is a demonstration of the low risk and stable yield opportunities that renewable energy projects offer to investors, the quality and bankability of our developed assets, and the confidence that top tier investors have in Lightsource bp. Despite challenges posed with COVID-19, Lightsource bp reached financial close on over $1.2 billion in transactions in the US in 2020, a substantial increase from 2019.”Kevin Smith, CEO of the Americas, Lightsource bp.
Power contracts with energy partners have played a crucial role in promoting investment and funding of this new renewable energy infrastructure in Texas.
Construction has begun with the operational activity of both ventures scheduled to begin by late 2021. McCarthy Building Companies were chosen by Lightsource bp as their Engineering, Procurement and Construction (EPC) contractor for the project. The McCarthy team was chosen for both their track record in the successful installation of large-scale solar projects and their ability to attract and retain local workers.
“We are honored to be part of the team that is bringing clean energy to these Texas communities. Around the country we are seeing the positive impact that solar energy can have on communities as they embrace clean energy solutions to attract large companies with renewable energy goals, and serve to provide career opportunities in the growing solar construction sector. Through our well-structured training program and rigorous design-phase planning we’re able to help those in the local workforce while also building some of the most efficient solar facilities that provide long-term reliable energy to its customers, which is why we do what we do. It’s very rewarding.”Scott Canada, executive vice president of McCarthy’s Renewable Energy & Storage.