Lightsource bp has successfully closed on a $460 million multi-project financing package, which will support the construction and operation of a 368 megawatt (MW) portfolio comprised of two utility-scale solar projects in the United States.
Power purchase agreements with prominent renewable energy buyers were key to achieving this milestone.
The 368MW portfolio includes the following two projects, both scheduled to come online in 2024:
- 188MW Honeysuckle Solar in St. Joseph County, Indiana with a long-term power purchase agreement with AEP Energy Partners (AEPEP)
- 180MW Prairie Ronde Solar in St. Landry Parish, Louisiana with a long-term power purchase agreement with McDonald’s Corporation.
Kevin Smith, CEO of the Americas, Lightsource bp: “By leveraging domestic content incentives offered in the Inflation Reduction Act, both the Honeysuckle and Prairie Ronde solar projects provide exciting examples of the IRA’s benefits in real action. With the right policies, we can boost made-in-America products, create jobs and reduce our nation’s foreign dependence.”
Nearly 800,000 solar panels manufactured by Arizona based First Solar will be installed across both projects, along with smart solar trackers from New Mexico based Array Technologies.
Over the last four years, the Lightsource bp team has raised over $3.7 billion in financing for projects in eleven states across the U.S. with a growing list of financing partners.
Construction of both solar farms is underway, creating a combined 450 jobs, with a focus on recruiting from the local labor pools. Lightsource bp selected the following Engineering, Procurement and Construction (EPC) Contractors:
- South Bend, Indiana-based Inovateus Solar LLC is the EPC contractor for Honeysuckle Solar
- Florida-based LPL Solar is the EPC contractor for Prairie Ronde
In addition to economic benefits, the Honeysuckle and Prairie Ronde solar projects will help address two of the most pressing environmental crises facing our planet today: climate change and biodiversity loss. The primary purpose of solar is to reduce carbon emissions from electricity generation, and at a competitive price. Collectively, the projects will abate more than 235,000 metric tons of greenhouse gas emissions each year, the equivalent of taking about 85,000 fuel-burning cars off the road, contributing to healthier air quality.
Additionally, Lightsource bp works to increase biodiversity under and around the solar panels at its projects, as part of its Responsible Solar ethos.
- Honeysuckle will be one of the first participants in the Bee & Butterfly Habitat Fund’s new “Solar Synergy” program, fostering habitat for pollinators across the site.
- At Prairie Ronde, Lightsource bp is making plans to restore coastal prairie habitat and provide nesting grounds for Eastern Bluebirds.
