Lightsource bp Secures $460 Million For 368-MW Utility Scale Solar Projects

Global renewable energy firm Lightsource bp has closed on a $460 million multi-project financing package, which will support the construction and operation of a 368 MW portfolio. This RE portfolio comprised of two utility-scale solar projects in the United States. The debt for this project has been managed by Bank of America, ING Capital, Lloyds Banking Group, NatWest, and Societe Generale with the balance of equity requirements supported by Lightsource bp.

Lightsource bp said that PPAs with prominent renewable energy buyers were already signed that acted as key to achieve this milestone. The two solar power projects are scheduled to come online in 2024.

For the 188MW Honeysuckle Solar in Indiana, Lightsource bp signed a long-term PPA with AEP Energy Partners (AEPEP). Similarly, for the 180MW Prairie Ronde Solar in Louisiana, a PPA was inked with McDonald’s Corporation.

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Kevin Smith, CEO of Americas, Lightsource bp, said, “By leveraging domestic content incentives offered in the Inflation Reduction Act, both the Honeysuckle and Prairie Ronde solar projects provide exciting examples of the IRA’s benefits in real action. With the right policies, we can boost made-in-America products, create jobs and reduce our nation’s foreign dependence.”

Lightsource bp informed that about 800,000 solar panels manufactured by First Solar will be installed across both projects. the smart solar trackers will come from Array Technologies, New Mexico.

The solar projects will also delve in key environmental development as well. Honeysuckle will be one of the first participants in the Bee & Butterfly Habitat Fund’s new “Solar Synergy” program, fostering habitat for pollinators across the site.

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At Prairie Ronde, the company is making plans to restore coastal prairie habitat and provide nesting grounds for Eastern Bluebirds.

Over the last four years, the Lightsource bp team has raised over $3.7 billion in financing for projects in eleven states across the U.S. with a growing list of world-class financing partners. Previously it closed on a $327 million financing package for the 313 MWdc Driver Solar project located in Arkansas. Besides, company has received permission from authorities to build 19 solar power projects having cumulative capacity of 1620 MW in Spain.