Lightsource BP, a solar energy company and equal joint venture with supermajor BP, announced on Wednesday that it has closed financing and will start construction on two US developments — the Ventress Solar project in Louisiana and the Conway Solar project in Arkansas.
The $533 million multi-project financing package includes power purchase agreements for both projects.
The 345 megawatt Ventress Solar project is the largest in Louisiana, intends to create about 400 construction jobs from mostly local workers, and will provide electricity for McDonald’s and eBay.
“Beyond improving the health and energy security of communities across America, large-scale solar projects help strengthen local economies,” said Lightsource BP's Americas chief executive Kevin Smith.
“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.”
The Ventress Solar project anticipates it will abate about 450,000 tonnes per annum of greenhouse gas emissions and deliver an indirect economic impact of over $200 million to the region. Commercial operation is expected in 2023.
Another project including in the financing was the 135 MW Conway Solar project in Arkansas. This project will provide electricity to Conway Corporation for its customers in the City of Conway, and plans to create 200 construction jobs.
The project anticipates it will abate about 162,800 tpa of carbon dioxide emissions.
Among those financing the projects are HSBC Banks USA, ING Capital, Intesa Sanpaolo, NatWest, Societe Generale, and Standard Chartered Bank.
The $533 million in financing contributes to the now more than $2.3 billion Lightsource BP has raised for its 10 projects in the US in the last two years.
In December, Lightsource BP closed a financing package of $376 million for 466 MW of solar projects in Indiana and Colorado. The company also just closed a financing package of $100 million for its Black Bear Solar project in Alabama.