Lightsource BP has announced that it has successfully closed on a US$250 million financing package for its Impact Solar project located in Lamar County, Texas, US, 120 miles northeast of Dallas.
The energy generated by the 260 MW project will be traded through a long-term agreement with BP.
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. NatWest, acting as the Joint Lead Arranger, is a 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.
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 an offset of 268 675 tpy metric tons of greenhouse gas emissions, 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.
Read the article online at: https://www.energyglobal.com/solar/23032020/lightsource-bp-finances-texas-solar-project/