Lightsource BP, a global solar company, has successfully closed on a $250 million financing package for its Impact Solar project located in Lamar County, Texas, 120 miles northeast of Dallas.
The energy generated by the 260 MW project will be traded through a long-term agreement with BP.
“This project demonstrates that the competitiveness of solar energy means that power offtake structures widely and historically used for conventional generation are now gaining traction for solar energy projects,” says Dev Sanyal, executive vice president of gas and low-carbon energy at BP.
“We see an exciting future from the increase in competitive renewable energy in the U.S. power markets and opportunities to integrate this with trading and customer capabilities,” Sanyal adds.
Lightsource BP and project investors will fund an estimated $250 million into the solar plant. The senior debt facility for the project was provided by HSBC Bank USA N.A. (HSBC) and National Westminster Bank PLC (NatWest). HSBC, acting as the coordinating lead arranger and joint lead arranger, is part of HSBC Group, one of the world’s largest banking and financial services organizations.
The project is expected to create almost 300 jobs in construction, operations, maintenance and asset management. Construction of the project has started with commercial operation expected by the end of 2020. Construction is being undertaken by Swinerton Renewable Energy, who is building commercial facilities and renewable energy projects across the U.S.