Solar Companies Raise a Record $7 Billion in Venture Capital Funding in 2022, Reports Mercom Capital Group

Lightsource bp, a solar project developer, closed a $327 million financing package and mobilized construction finance for the 313 MW Driver Solar project in Mississippi County, Arkansas.

Upon completion, Driver Solar will be the largest solar project in Entergy Arkansas’ portfolio and the largest in Arkansas, generating enough energy to power more than 50,000 homes.

The financing was provided by HSBC Bank USA, BNP Paribas, Societe Generale, and Sumitomo Mitsui Banking Corporation (SMBC).

“One of our key commitments to customers is to help them find economical solutions to meet their sustainability goals,” she said. “Driver Solar plays a big role in providing savings to all customers and supporting businesses like U. S. Steel as they continue to advance their clean energy future. These partnerships are helping to drive incredible growth in our state and will benefit our communities for decades to come.”

The projects are under construction, and commercial operation is expected by late 2024.

“This project shows that strong partnerships bring strong results for customers, communities and the environment,” added Daniel R. Brown, Senior Vice President, Advanced Technology Steelmaking and Chief Operating Officer for Big River Steel. “Once completed, the energy generated will be used throughout the facility, including the production of our verdeX steel, which is produced with fewer emissions and with up to 90 percent recycled material. U.S. Steel is pleased to collaborate with partners in Mississippi County to find sustainable solutions that are good for people and the planet.”

Over the last four years, the Lightsource bp team has raised over $3.7 billion in financing for projects in ten states across the US with multiple financing partners. Once constructed, ownership of the project will transfer to Entergy Arkansas under the build-transfer agreement.

According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. Photon Energy, a solar project developer, recently secured €21.9 million (~$23.46 million) in non-recourse project refinancing from Austrian Raiffeisen Bank International (RBI) for 31.5 MW of solar projects in Romania.