Financial close for 260 MW solar PV project in USA
Lightsource BP has closed on a US$250 million financing package for its Impact Solar project located in Lamar County, Texas, 120 miles northeast of Dallas. The energy generated by the 260 MW project will be traded through a long-term agreement with BP.
Lightsource BP and project investors will fund an estimated US$250 million into the solar plant. The senior debt facility for the project was provided by HSBC Bank USA, N.A. (HSBC) and National Westminster Bank PLC (NatWest). HSBC, acting as the Coordinating Lead Arranger and Joint Lead Arranger, is part of HSBC Group. NatWest, acting as the Joint Lead Arranger, is a long-standing partner of Lightsource BP. Tax equity financing was secured from Bank of America. Lightsource BP engaged several advisory firms to close the transaction, including Norton Rose Fulbright as external legal counsel and CohnReznick Capital as the tax equity advisor.
The project is expected to create almost 300 jobs in construction, operations, maintenance, and asset management. In addition, generation from a project of this size and type would typically be expected to provide clean, cost-effective energy for the equivalent of more than 34,000 homes in the Texas market and provide an offset of 268,675 metric tons of greenhouse gas emissions each year, comparable to taking over 57,000 fuel-burning cars off the road.
Construction of the project has started with commercial operation expected by the end of 2020. Construction is being undertaken by Swinerton Renewable Energy.
Country news
-
-
March 16, 2020
Grasshopper Solar to invest more than $300m in solar portfolio in USA
Grasshopper Solar, a global developer and asset owner headquartered in Canada, has announced the acquisition of a 278 MWdc portfolio of solar projects in Pennsylvania from Glidepath Ventures. Once operational, the portfolio will nearly double the amount of solar assets currently operating in Pennsylvania. The company is expected to invest more than USD 300 million in the portfolio.
Read more -
March 13, 2020
300 MW offshore wind project acquisition in USA
ALLETE Clean Energy has acquired the 300 MW Caddo wind project in Oklahoma, USA from Apex Clean Energy, including plans to sell energy to three Fortune 500 corporate customers.
Read more -
March 06, 2020
WEC increases its stake in 750MW USA wind portfolio to 90%
WEC Energy Group has agreed to increase its ownership interest from 80% to 90% in 750 MW USA Midwest wind portfolio: 250 MW Blooming Grove Wind Farm in Illinois; 300 MW Thunderhead Wind Energy Center and the 200 MW Upstream Wind Energy Center both located in Nebraska. The total investment is US$118 million for an additional 75 megawatts of capacity from Invenergy.
Read more -
March 05, 2020
Construction starts on one of the largest solar parks in the world
CIM Group has launched the construction of Westlands Solar Park (WSP), one of the largest permitted solar parks in the world that could grow to more than 2,700 megawatts (2.7 gigawatts) of renewable energy potential at full buildout, which could provide clean energy to more than 1,200,000 homes.
Read more -
February 21, 2020
Energy Summit to welcome 370 investors and public and private stakeholders in Miami
The 6th Powering Africa: Summit at the JW Marriott Hotel in Miami will host over 300 investors and public and private stakeholders across Africa’s energy sector.
Read more
