Lightsource BP Secures Financing for 260MW Solar Project
- Mar 23, 2020
Lightsource BP has secured $250 million for a 260-megawatt solar project located in Lamar County, Texas, 120 miles northeast of Dallas. The project, dubbed Impact Solar, has also set in place a long-term agreement with BP, a multinational oil and gas company headquartered in London.
Impact Solar is already under construction by Swinerton Renewable Energy, and is estimated to create nearly 300 jobs in construction, operations, maintenance and asset management. The project is anticipated to begin commercial operation by the end of the year. Its 260-megawatt capacity is expected to produce sufficient clean energy to power the equivalent of more than 340,000 Texas households and offsets nearly 270,000 metric tons of greenhouse gas emissions per year.
The senior debt facility for the solar project was provided by HSBC Bank USA and National Westminster Bank, while Bank of America secured tax equity financing. Also engaged in the deal were Norton Rose Fulbright as external legal counsel and CohnReznick Capital as the tax equity advisor.