Lightsource BP has secured a structured equity investment from HASI, a leading investor in climate solutions, in a 288MW solar portfolio comprised of two utility-scale projects in Texas.
The portfolio comprises a 163MW Starr solar project located in Starr County, and the 125MW Second Division PV scheme located in Brazoria County.
The plants, which will have the capacity to deliver enough home-grown electricity to power more than 50,000 homes and abate 381,000 metric tonnes of carbon emissions annually, are backed by long-term PPAs with high-credit quality corporate off-takers and are expected to reach commercial operation by the end of 2024.
They will join Lightsource BP’s 576MW operational fleet in Texas, further diversifying and supporting the local electric grid.
Senior vice president, structured finance of Lightsource BP Simms Duncan said: “We applaud HASI’s commitment to investing in assets that yield lower carbon energy, while boosting energy security.
“The co-investment by HASI in our 288-megawatt project portfolio helps Lightsource bp realize the full value of the projects, while supporting advancement of our investment profile across a greater number of projects, furthering Lightsource BP’s US and global pipeline.”
HASI senior managing director Manny Haile-Mariam added:”Lightsource BP’s commitment to deliver affordable, lower carbon energy through responsibly developed solar and storage projects aligns perfectly with our mission as a climate positive investor.
“We are proud to forge a new partnership with Lightsource BP and provide a financing solution to support the completion of these impactful solar projects.”
The portfolio includes a suite of transferability facilities made possible by the Inflation Reduction Act, in addition to qualifying for domestic content with made-in-America products.
The Starr and Second Division projects are supporting the growth of domestic manufacturing in the US with solar panels from Arizona-based First Solar and smart solar trackers from New Mexico-based Array Technologies, Lightsource BP said.