Lightsource bp, a solar project developer, secured a structured equity investment for a 288 MW utility-scale solar portfolio in Texas. HASI, an investor in climate solutions, provided the funding.
The portfolio comprises the 163 MW Starr solar project in Starr County and the 125 MW Second Division solar project in Brazoria County.
Both projects are expected to reach commercial operation by the end of 2024.
Long-term power purchase agreements with corporate off-takers back the projects. Additionally, both projects utilize domestically made solar panels from Frist Solar and smart solar trackers from Array Technologies.
“We applaud HASI’s commitment to investing in assets that yield lower carbon energy while boosting energy security,” commented Simms Duncan, Senior Vice President of Structured Finance of Lightsource bp. “The co-investment by HASI in our 288-megawatt project portfolio helps Lightsource bp realize the full value of the projects while supporting the advancement of our investment profile across a greater number of projects, furthering Lightsource bp’s U.S. and global pipeline.”
In August this year, Lightsource bp announced the sale of the 49.9 MWac Tiln Farm solar and co-located 25 MW/50 MWh (two-hour duration) energy storage project to Schroders Greencoat. The Tiln Farm project is located near Retford in Nottinghamshire, UK.
According to Mercom’s recently released 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in the 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Last month, Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, announced the closing of tax equity financing with PNC Bank for its 138 MWdc (99 MWac) Harvest Gold Solar Project in Sunflower County, Mississippi.
