Lightsource bp has successfully closed on a $348 million financing package, set to support the construction and operation of a 288 MW portfolio comprised of two utility-scale solar projects in Texas.

The financed projects are the company’s 163 MW Starr Solar located in Starr County, Texas and 125 MW Second Division Solar project located in Brazoria County, Texas. Both projects are scheduled to come online this year.

“This deal is an important milestone towards building out our growing portfolio of solar and storage projects across the United States, extending our relationship with several top-tier financing counterparties, each of whom have partnered with Lightsource bp on previous transactions,” says Lightsource bp’s Emilie Wangerman. “It’s also our first transaction to benefit from the transferability provisions of the Inflation Reduction Act of 2022 to monetize the projects’ investment tax credits.”

Societe Generale served as the coordinating lead arranger and hedge provider. ING served as a mandated lead arranger, hedge provider, green loan coordinator, as well as the administrative agent and collateral agent. NatWest acted as a lender to the company. Lloyds Banking Group served as a mandated lead arranger and hedge provider. Allied Irish Banks served as a mandated lead arranger.

Lightsource bp currently operates three solar projects in Texas: the 260 MW Impact, 163 MW Elm Branch and 153 MW Briar Creek Solar.

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Lightsource bp Completes $348M Financing Package for Texas Projects