Lightsource BP announced that it has successfully closed on a $250 million financing package for its Impact Solar project located in Lamar County, Texas, 120 miles northeast of Dallas.
“This project demonstrates that the competitiveness of solar energy means that power offtake structures widely and historically used for conventional generation are now gaining traction for solar energy projects,” said Dev Sanyal, incoming executive VP of gas and low carbon energy, BP. “We see an exciting future from the increase in competitive renewable energy in the U.S. power markets, and opportunities to integrate this with trading and customer capabilities.”
The energy generated by the 260 MW project will be traded through a long-term agreement with BP.
“Our partnership with BP enables us to bring meaningful, large-scale solar projects such as this one in Texas to fruition,” said Nick Boyle, Lightsource BP’s Group CEO. “We are continuing to support the transition towards a lower-carbon energy system by successfully advancing our solar energy projects across the globe.”
Project benefits go beyond clean, affordable energy
Lightsource BP and project investors will fund an estimated $250 million into the solar plant. It’s expected to create almost 300 jobs in construction, operations, maintenance and asset management.
In addition, generation from a project of this size and type would typically be expected to provide clean, cost-effective energy for the equivalent of more than 34,000 homes in the Texas market.
“At Lightsource BP, we’re on a mission to rapidly accelerate the growth in renewable energy, while maximizing the environmental and local community benefits of each of our solar projects,” said Kevin Smith, Lightsource BP’s CEO of the Americas. We’re looking forward to working with our partners, suppliers and the community in Lamar County to bring this responsible solar approach to our project in Texas.”
Construction of the project has started with commercial operation expected by the end of 2020. Construction is being undertaken by Swinerton Renewable Energy, who is building commercial facilities and renewable energy projects across the United States, and has previously worked in Texas.
