Lightsource bp Closes $376 Mn Financing and Mobilizes Construction on 293 MW Solar Project
Lightsource bp has successfully closed on a $376 million multi-project financing package and mobilized construction on its 293 megawatt (dc) Sun Mountain solar project located in Pueblo, Colorado.
December 22, 2021. By News Bureau
Lightsource bp will build, own and operate the facility and deliver the solar energy it generates to Xcel Energy under a long-term power purchase agreement.
The project is Lightsource bp’s second in the city, representing cumulatively almost 600 megawatts of renewable energy infrastructure to support Colorado’s clean energy future, the equivalent of taking more than 175,000 cars off the road each year.
Sun Mountain Solar is part of a 466 megawatt, $376 million portfolio financing package for multiple solar projects. The tax equity investment for the portfolio was secured from Bank of America, marking its fourth transaction with Lightsource bp over the past two years.
Bank of America is one of the world’s leading financial institutions serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company’s focus on environmental, social and governance (ESG) leadership helps it drive responsible growth.
Kevin Smith, CEO of the Americas, Lightsource bp: “This project financing transaction is a demonstration of the continued confidence that top-tier investors have in Lightsource bp, and the quality and bankability of our solar assets. Our commitment to responsible solar development delivers further value and contributes to the environmental, social and governance (ESG) goals of Lightsource bp and our investment partners.”
Alice Jackson, president, Xcel Energy – Colorado: “Xcel Energy is excited to continue our leadership to serve customers with affordable carbon-free electricity, and we’re pleased to bring on Sun Mountain as part of that progress. The project with Lightsource bp takes advantage of southern Colorado’s outstanding solar resources, delivering clean energy to our system while supporting Pueblo’s economy and helping position the region as a growing renewable energy hub.”
Full construction has started, with commercial operation expected by late 2022. McCarthy Building Companies was selected by Lightsource bp as the Engineer, Procure, and Construct (EPC) contractor for the project. McCarthy has a proven track record of successfully building large utility-scale projects in Colorado, including Lightsource bp’s Bighorn Solar project, also in Pueblo.
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