Lightsource bp has secured a $460 million multi-project financing package that will support the construction and operation of a 368 MW portfolio of utility-scale solar projects in Louisiana and Indiana. Power purchase agreements with prominent renewable energy buyers were key to achieving this milestone.
The project portfolio includes the following two projects, both scheduled to come online in 2024:
- 188 MW Honeysuckle Solar in St. Joseph County, Indiana, with a long-term power purchase agreement with AEP Energy Partners.
- 180 MW Prairie Ronde Solar in St. Landry Parish, Louisiana, with a long-term power purchase agreement with McDonald’s Corp.
“By leveraging domestic content incentives offered in the Inflation Reduction Act, both the Honeysuckle and Prairie Ronde solar projects provide exciting examples of the IRA’s benefits in real action,” said Kevin Smith, CEO of the Americas, Lightsource bp. “With the right policies, we can boost made-in-America products, create jobs and reduce our nation’s foreign dependence.”
Nearly 800,000 solar panels manufactured by Arizona-based First Solar will be installed across both projects, along with smart solar trackers from New Mexico-based Array Technologies.
Over the last four years, the Lightsource bp team has raised over $3.7 billion in financing for projects in eleven states across the United States with a growing list of world-class financing partners. Debt for this portfolio was provided by Bank of America, ING Capital LLC, Lloyds Banking Group, NatWest and Societe Generale.
Construction of both solar farms is underway, creating a combined 450 jobs, with a focus on recruiting from the local labor pools. Lightsource bp selected the following engineering, procurement and construction (EPC) contractors:
Lightsource bp works to increase biodiversity under and around the solar panels at its projects, as part of the company’s Responsible Solar ethos. Honeysuckle will be one of the first participants in the Bee & Butterfly Habitat Fund’s new “Solar Synergy” program, fostering habitat for pollinators across the site. At Prairie Ronde, Lightsource bp is making plans to restore coastal prairie habitat and provide nesting grounds for Eastern Bluebirds.
Tags: AEP Energy Partners, Array Technologies, Financing, First Solar, Inovateus Solar, Lightsource BP, LPL Solar, McDonald’s, utility-scale
