Lightsource BP has successfully closed on a $533m (€467m) multi-project financing package and mobilised construction on its 345MW Ventress Solar project located 30 miles northwest of Baton Rouge.
Lightsource BP will build, own and operate the facility and sell the clean, renewable energy it generates to McDonald’s Corporation and eBay under long-term PPAs.
McDonald’s global renewable energy lead Emma Cox said: “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.
“We’re thrilled to see our values come to life in a project like Ventress Solar and realize this important next step toward it coming online.”
Ventress Solar is part of a 480MW, $533m portfolio financing package for multiple solar projects.
Debt for the portfolio was provided by HSBC Bank USA, National Association, ING Capital, Intesa Sanpaolo, NatWest, Societe Generale and Standard Chartered Bank, with the balance of equity requirements invested and supported by Lightsource BP.
In just two years, the Lightsource BP team has raised over $2.3bn in financing for its projects in ten states across the US.
Lightsource BP chief executive for the Americas Kevin Smith said: “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.”
Construction of the Ventress solar farm is expected to create approximately 400 construction jobs for 21-24 months, to be filled mainly by local workers.
Construction has started, with full commercial operation expected in late 2023.
LPL Solar has been selected by Lightsource BP as the Engineering, Procurement, and Construction (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.