Lightsource bp, a renewable energy project developer, and Pinnacle Financial Partners announced the closing of $97.9 million tax equity financing for the 187 MW Peacock Solar project located in San Patricio County, Texas.
The partnership marks their second transaction and Pinnacle’s first production tax credit (PTC) equity investment, reflecting the growing momentum in renewable energy financing in the U.S.
Lightsource bp developed, constructed, and currently operates the project, which commenced commercial operations in November 2024. The facility directly powers Gulf Coast Growth Ventures, a joint venture between ExxonMobil and the Saudi Basic Industries Corporation (SABIC). The project is expected to generate more than 360,000 MWh per year, enough to partially power the Gulf Coast Growth Ventures’ manufacturing complex while advancing Texas’s renewable energy goals.
During construction, Peacock Solar created more than 300 local jobs and is projected to deliver $25 million in tax revenue over 25 years.
“We’re proud to collaborate with Pinnacle Financial Partners on this tax equity deal for Peacock Solar,” said Emilie Wangerman, Lightsource bp Chief Operating Officer and Head of U.S. “Our partnership reflects our shared commitment to develop creative, effective capital solutions that support growth and deliver value to all stakeholders. This deal is an important step forward in advancing the renewable energy infrastructure in Texas and across the USA.”
“Pinnacle Financial Partners is delighted to participate as a tax-equity investor in the Peacock Solar project developed by Lightsource bp,” said Frank Conley, head of Pinnacle Financial Partners’ solar capital advisory. “This investment builds upon Pinnacle’s growing relationship with Lightsource bp and reinforces our commitment to supporting clean energy initiatives that benefit local communities, create jobs, and advance a more sustainable future.”
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In September, Econergy, an independent renewable energy power producer, secured approximately €58 million (~$68 million) in financing to support a portfolio of solar projects totaling 64.3 MW in Italy. The portfolio comprises 12 solar projects.
