Lightsource bp Completes $380m Financing on 316 Megawatts of Solar in Texas, Announces PPAs '
January 26,2021
Lightsource bp has closed on a $380 million financing package and mobilized construction on its Elm Branch and Briar Creek solar projects in Texas, both located about 40 miles south of Dallas.
Tax equity financing for the projects was secured from Bank of America. The debt for the facilities was provided by the following mandated lead arrangers: ING Capital LLC; Societe Generale
The balance of the equity requirements will be invested by Lightsource bp.
"Power contracts secured with energy partners played a key role in supporting investment and financing of this new clean energy infrastructure in Texas," Lightsource bp, which listed contracts as follows:
• a virtual power purchase agreement (VPPA) with L3Harris Technologies for up to 100 megawatts of capacity from Elm Branch, and
• a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS) with respect to the electricity generated by Briar Creek.
Construction has started with commercial operation of both projects expected by late 2021.