Lightsource BP has closed a $250m financing package for a 260MW photovoltaic project in Texas and has started construction works.
The Impact solar facility is being built in Lamar County, north-east of Dallas, with commercial operation expected by the end of 2020.
Swinerton Renewable Energy is constructing the project.
The clean electricity generated by the PV plant will be traded through a long-term agreement with BP.
BP incoming executive vice president for gas and low carbon energy Dev Sanyal said: “This project demonstrates that the competitiveness of solar energy and means that power offtake structures widely and historically used for conventional generation are now gaining traction for solar energy projects.
“We see an exciting future from the increase in competitive renewable energy in the US power markets, and opportunities to integrate this with trading and customer capabilities.”
Lightsource BP chief executive Nick Boyle added, “Our partnership with BP enables us to bring meaningful, large-scale solar projects such as this one in Texas to fruition.
“We are continuing to support the transition towards a lower carbon energy system by successfully advancing our solar energy projects across the globe.”
HSBC Bank USA and National Westminster Bank (NatWest) provided the senior debt facility for the project and Bank of America provided tax equity.
The project is expected to create almost 300 jobs in construction, operations, maintenance and asset management.