Lightsource bp, a solar project developer, has closed a $533 million multi-project financing package and started the construction on its 345 MW Ventress Solar project in Louisiana. Lightsource bp will build, own, and operate the project and sell the generated output to McDonald’s Corporation and eBay under long-term power purchase agreements (PPAs).

“This unique partnership between Lightsource bp, eBay, and McDonald’s is an example of how large brands can come together to drive meaningful impact at a local level. We’re thrilled to see our values come to life in a project like Ventress Solar and realize this important next step toward it coming online,” said Emma Cox, Global Renewable Energy Lead at McDonald’s.

Ventress solar project is part of a 480 MW, $533 million portfolio financing package for multiple solar projects. Debt for the portfolio was provided by mandated lead arrangers HSBC Bank USA, National Association (HSBC Bank USA), part of HSBC Group, financial services firm ING Capital, Europe-based banking group Intesa Sanpaolo S.p.A., project financing lender NatWest, Societe Generale, and international banking group Standard Chartered Bank. Lightsource BP will provide the balance of the equity requirements for the portfolio.

In the past two years, the Lightsource BP team has raised over $2.3 billion in financing for its projects in ten states across the US.

“Beyond improving the health and energy security of communities across America, large-scale solar projects help strengthen local economies. As the owner and operator of the Ventress solar project, we look forward to bringing economic benefits to Pointe Coupee Parish, along with fostering long-term community partnerships,” said Kevin Smith, CEO of the Americas, Lightsource bp.

The project is under construction and will reach commercial operation expected by late 2023.

LPL Solar has been selected by Lightsource bp as the project’s Engineering, Procurement, and Construction (EPC) contractor. Ampirical Solutions has been selected as the EPC for the project substation and the switchyard.

According to Mercom’s recently published  Q4 2021 solar funding and M&A report, in December 2021, Lightsource bp secured $476 million for a planned 596 MW portfolio of solar projects in three U.S. states – Indiana, Alabama, and Colorado. The financing consists of $376 million for the 293 MW Sun Mountain project in Pueblo, Colorado; the 173 MW Bellflower project in Henry and Rush counties, Indiana; and $100 million for the 130 MW Black Bear project in Montgomery County, Alabama.