Lightsource bp closed on a $376 million multi-project financing package and mobilized construction on its 293 MWdc Sun Mountain solar project in Pueblo, Colorado, and its 173 MW Bellflower Solar project in Indiana.
Lightsource bp will build, own and operate the Colorado solar facility and deliver the energy it generates to Xcel Energy under a long-term power purchase agreement. The solar project is Lightsource bp’s second in Pueblo, representing cumulatively almost 600 MW of solar capacity.
The Bellflower Solar project is about 40 miles east of Indianapolis in Henry and Rush Counties. A power purchase agreement with Verizon Communications Inc. was announced in early 2021.
Both solar projects are part of a portfolio financing package. The tax equity investment was secured from Bank of America, marking its fourth transaction with Lightsource bp in two years.
Debt was provided by the following lead arrangers: ING Capital LLC, Sumitomo Mitsui Banking Corp., HSBC Bank USA, and NatWest.
The balance of the equity requirements will be invested by Lightsource bp.
Full construction on Sun Mountain solar has started, with commercial operation expected by late 2022. McCarthy Building Companies is the Engineer, Procure, and Construct (EPC) contractor. McCarthy also built Lightsource bp’s Bighorn Solar project in Pueblo.
Construction also has started at Bellflower solar with commercial operation expected by late 2022. SOLV Energy is the EPC contractor for the project. It earlier worked on Lightsource bp’s Impact Solar project in Texas.