Lightsource BP has completed securing more than $140m (£112m) in funding for a portfolio of seven utility-scale solar projects across four states in the US, with a capacity of 125MW.
The financing includes tax equity investment from Rockwood Group, through its partnership with Fortune 250 Guardian Life Insurance Company of America.
National Westminster Bank, a partner of Lightsource BP, acted as the senior project finance debt lender. The balance of the equity requirements will be invested by the company.
The portfolio includes solar plants located across the states of Pennsylvania, Kansas, California, and New Mexico.
They include the Whitetail Solar 1, 2, and 3 projects in Franklin County, Pennsylvania. The power generated from the solar projects will be sold to the Penn State University.
The fourth project is the Johnson Corner Solar project located in Stanton County, Kansas. Power from this project will be sold to Mid-Kansas Electric Company.
The fifth project includes the Wildflower Solar project in Sacramento County, California. Power from the project will be sold to the Sacramento Municipal Utility District.
Grants Solar and Bluewater Solar projects are the sixth and seventh projects, respectively, which will be located in Cibola County, New Mexico. Power from the projects will be sold to the Continental Divide Electric Cooperative.
The solar projects to offset nearly 132,250 metric tonnes of greenhouse gas emissions
The power generated from the seven solar projects will be enough to be supplied to over 19,000 households. During the construction, operations, maintenance, and asset management phases of the projects, nearly 450 local jobs could be created.
When complete, the solar projects are expected to offset nearly 132,250 metric tonnes of greenhouse gas emissions.
Lightsource BP Americas CEO Kevin Smith said: “We are pleased to be working with Guardian Life and NatWest to finance this 125 megawatt portfolio of solar projects. The transaction demonstrates the quality and bankability of our developed assets.
“We look forward to working with our partners and stakeholders, including the communities where the projects are located, to maximize the benefits that these projects bring to our investors, our customers and local communities.
“Lightsource BP is committed to progressing solar energy across the US, energizing cleaner communities and boosting local economies while saving power buyers millions of dollars through low-cost solar energy procurement.”
