Lloyds Bank backs Lightsource bp plans for new 288 MW solar projects
Published by Jessica Casey,
Editor
Energy Global,
Lightsource bp, one of the world’s largest developers of solar energy projects, has secured a US$334 million (£264 million) finance package to support the construction of two new sites in Texas, which are set to deliver 288 MW of energy capacity combined. The funding was supported by US$67 million (£53 million) of financing from Lloyds Bank.
The 163 MW and 125 MW projects, located in Starr County and Brazoria County respectively, will generate enough electricity to reliably power 50 000 homes. Development of both solar projects is underway, and is set to create a combined 400 jobs during construction.
London-headquartered Lightsource bp specialises in the financing, development, and management of solar energy and energy storage projects. A fifty-fifty joint venture with BP, the company has grown rapidly since it was founded in 2010 and now employs more than 1200 people globally, with solar projects across 19 countries and regions developing 8.4 GW of power to date.
Emilie Wangerman, Head of USA and Interim Chief Operating Officer at Lightsource bp, said: “This deal is an important milestone towards building out our growing portfolio of solar and storage projects across the US, extending our relationship with top-tier financing counterparties. We’re pleased to have Lloyds Bank’s support to continue the progress being made, regionally and globally. Investing capital into new opportunities around the world enables us to continue unlocking decarbonisation for utilities, businesses and governments.”
The latest funding marks Lloyds Bank’s third transaction supporting Lightsource bp’s renewable energy projects in the US. As well as helping to grow its presence in North America, this support aligns with Lloyds Bank’s net zero commitment to reducing carbon emissions financed by more than 50% by 2030.
James Taylor, Global Head of Infrastructure and Project Finance at Lloyds Bank, added: “This is a landmark transaction for US solar project financing that will enable Lightsource bp to not only generate considerable renewable energy, but also create hundreds of local job opportunities. We will continue to support the wider global transition to a low carbon economy.”
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Read the article online at: https://www.energyglobal.com/solar/27032024/lloyds-bank-backs-lightsource-bp-plans-for-new-288-mw-solar-projects/
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