Lightsource bp has successfully closed on a US$267 million tax equity investment from Wells Fargo & Co which complements the debt financing package which originally closed in December 2021.
Wells Fargo’s investment will support the construction and operation of a two-project portfolio totaling 481 MWdc which are among the largest projects in each state, and include:
As the tax equity investor, Wells Fargo is now the eighth global financial institution to support this portfolio of projects, joining the portfolio’s project finance lenders including HSBC Bank USA, ING Capital LLC, Societe Generale, NatWest, Intesa Sanpaolo, Standard Chartered Bank, and Allied Irish Banks.
Collectively, the projects will abate more than 630,00 metric tons of greenhouse gas emissions each year. Both projects are scheduled to come online starting in 2023.