Lightsource bp closes US$267mn tax equity financing for two solar projects in Louisiana and Arkansas
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:
- 346MW Oxbow Solar in Pointe Coupee Parish, Louisiana with energy sales to McDonald’s and eBay; and
- 135MW Conway Solar near Happy, Arkansas with energy sales to Conway Corp
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.
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