Financing for both projects was facilitated by power purchase agreements. For the Arkansas project, the agreement is with Conway Corp. and for the Louisiana project the agreement is with McDonald’s and eBay.
Lightsource bp successfully closed financing on two major solar installations. The Conway Solar project, located near Happy, Arkansas, includes a $533 million multi-project financing package. The company closed a $533 million multi-project financing package for the Ventress Solar project, located near Baton Rouge, Louisiana.
Lightsource bp will build, own, and operate both facilities. Power from the Happy project in Arkansas will deliver clean energy to Conway Corp. under a long-term power purchase agreement for their customers in the City of Conway. The solar farm will generate enough electricity to power more than 21,400 homes and will also play a role in reducing the city’s carbon footprint by the equivalent of CO2 emissions from 35,400 fuel burning cars annually.
Construction of the Conway Solar farm at Happy will create approximately 200 construction jobs, to be filled mainly by local workers. In addition, it will abate about 162,800 metric tons of CO2 emissions annually for the city of Conway, equivalent to annual emissions from about 35,400 fuel burning cars. Construction will start in March 2022, with full commercial operation expected in mid-2023. Gibson Technical Services (GTS), a Subsidiary of Orbital Energy Group, has been selected by Lightsource bp as the Engineering, Procurement, and Construction (EPC) contractor for the photovoltaic (PV) solar plant.
Lightsource bp will also build, own, and operate the Lousiana project, which is the state’s largest solar project to date. The energy it generates will be sold to McDonald’s Corporation and eBay under long-term power purchase agreements.
“This unique partnership between Lightsource bp, eBay and McDonald’s is an example of how large brands can come together to drive meaningful impact at a local level,” said Emma Cox, Global Renewable Energy Lead at McDonald’s.
Construction of the Ventress solar farm Construction has begun, with full commercial operation expected in late 2023. LPL Solar has been selected by Lightsource bp as the EPC contractor for the photovoltaic (PV) solar plant. Ampirical Solutions, headquartered in Louisiana, has been selected as the EPC for the project substation and the switchyard.
The Ventress solar project will create approximately 400 construction jobs for 21-24 months, to be filled mainly by local workers. It will provide an estimated $30 million dollar boost to Pointe Coupee Parish over the project life, providing additional funding for schools, fire departments, libraries and health services, without a tax increase on its citizens. In addition it will abate about 450,000 metric tons of GHG emissions annually, equivalent to annual emissions from about 99,000 fuel burning cars. And it will deliver an indirect economic impact of over $200 million, according to a study by the Baton Rouge Area Chamber, an economic development agency supporting the nine-parish Baton Rouge Area.
“Beyond improving the health and energy security of communities across America, large-scale solar projects help strengthen local economies. As the owner and operator of the Ventress solar farm, we look forward to bringing economic benefits to Pointe Coupee Parish, along with fostering long-term community partnerships,” said Kevin Smith, CEO of the Americas, Lightsource bp.
Just last month Lightsource bp closed financing and broke ground on two massive projects. The 293 MW Sun Mountain solar project in Colorado, and the 173 MW Bellflower solar project, set to be constructed east of Indianapolis, will each be among the largest in their respective states. In the last two years, the Lightsource bp team has raised over $2.3 billion in financing for its projects in ten states across the U.S.
