Lightsource BP closes financing for 300 MW Bighorn solar PV project in Pueblo

Lightsource bp has closed on a US$285 million financing package for its Bighorn Solar project, which will be located on EVRAZ Rocky Mountain Steel mill property in Pueblo. Xcel Energy, as the electricity provider for the steel mill, will purchase the power generated by the solar facility under a long-term contract with Lightsource bp. The competitive price of solar energy and its long-term budget certainty helps to ensure that the steel mill, along with 1,000 local workers, will remain in Pueblo. Additionally, EVRAZ has announced it is moving forward with the construction of a new long rail mill in Pueblo.

Lightsource bp secured tax equity financing for the project from Bank of America. The debt for the facility was provided by Sumitomo Mitsui Banking Corporation (SMBC), Societe Generale, and Export Development Canada (EDC).

The balance of the equity requirements will be invested by Lightsource bp. CohnReznick Capital was engaged as the tax equity advisor for the project.

Bighorn solar park, located on 1,800 acres of land on EVRAZ Rocky Mountain Steel property, is powered by almost 750,000 Canadian Solar crystalline photovoltaic (PV) panels mounted on NEXTracker single-axis trackers.