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Lightsource bp has successfully closed on a financing package worth $380 million (£277m) for two solar power projects in Texas.
That includes the 163MW Elm Branch and 153MW Briar Creek solar projects that are expected to offset greenhouse gas emissions by a total of 370,000 metric tons annually.
Lightsource bp has signed a virtual power purchase agreement (VPPA) with L3Harris for up to 100MW of capacity from Elm Branch and a proxy generation PPA with the Capital Solutions unit of Allianz Global Corporate & Speciality for power generated by Briar Creek.
Construction of both projects has started, with commercial operations expected by late 2021.
Tax equity financing for the projects was secured from the Bank of America and the debt for the facilities was provided by ING Capital and Societe Generale.
Kevin Smith, CEO of the Americas at Lightsource bp said: 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 [£0.87bn] in transactions in the US in 2020, a substantial increase from 2019.
