Lightsource starts construction on 316MW of solar in Texas

BP’s Lightsource division has closed on a $380m financing package and started construction on its Elm Branch and Briar Creek solar projects in Texas with commercial operation of both projects expected by late 2021.

BP already has a virtual power purchase agreement (VPPA) with L3Harris for up to 100MW of capacity from Elm Branch, and a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate and Specialty (AGCS) with respect to the electricity generated by Briar Creek.

Tax equity financing for the projects was secured from Bank of America. The debt for the facilities was provided by ING Capital and Societe Generale. The balance of the equity requirements will be invested by the company. CohnReznick Capital was engaged as the tax equity advisor for the transaction.

BP is also reintroducing a programme in the UK to provide free fuel for emergency services to support ‎essential services through pandemic. BP ran a similar programme last year in which it supplied more than 10 ‎million litres of fuel free to emergency service vehicles across the UK.

BP is also aiding Deliveroo on its Lunch for Lifesavers initiative, donating a quarter of a million BP/M&S meals to the programme. The company will distribute the food free of charge to staff and volunteers at vaccination centres and continue to deliver to frontline NHS workers in the UK.

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