Lightsource BP has closed on a $100m financing package for its 130MW (dc) Black Bear Solar energy project in Montgomery County, Alabama.
The tax equity investment for the project was secured from Minneapolis-based US Bank.
Debt for the project was provided by Banco Santander and Sumitomo Mitsui Banking Corporation (SMBC).
The balance of the equity requirements will be invested by Lightsource BP.
The power contract secured with Alabama Municipal Electric Authority (AMEA) played a critical role in enabling investment and financing of the solar project.
AMEA, located in Montgomery, is the wholesale power provider for 11 public power utilities in Alabama, which serve some 350,000 customers in the cities of Alexander City, Dothan, Fairhope, Foley, LaFayette, Lanett, Luverne, Opelika, Piedmont, Sylacauga, and Tuskegee.
Kevin Smith, CEO of Lightsource BP Americas, said: “This project demonstrates the positive impacts that result from partnerships with shared goals to reduce carbon emissions, deliver affordable electricity, create jobs and contribute to local communities.
“It’s also a testament to the cost-effectiveness and bankability of solar energy that world-class lenders are supporting this project, and that AMEA has agreed to purchase the electricity on a long-term basis to the substantial benefit of its members.”