Lightsource bp has announced the start of construction on 316MW of Texas solar projects, located about 40 miles south of Dallas.
The company has also reached financial close for the 163MW Elm Branch and 153MW Briar Creek solar projects, with Bank of America providing tax equity financing.
The two solar projects are expected to enter into operations by late 2021.
McCarthy Building Companies is the Engineering, Procurement, and Construction (EPC) Contractor for the projects.
Lightsource bp Americas CEO Kevin Smith said: “This transaction is a demonstration of the low risk and stable yield opportunities that renewable energy projects offer to investors, the quality and bankability of our developed assets, and the confidence that top tier investors have in Lightsource bp.
“Despite challenges posed with COVID-19, Lightsource bp reached financial close on over $1.2 billion in transactions in the US in 2020, a substantial increase from 2019.”
Upon entering into operations, the two solar projects are expected to offset greenhouse gas emissions by a total of 370,000 metric tons of CO2 annually.
Under a virtual power purchase agreement (VPPA), a 100MW portion of the electricity generated by the Elm Branch wind farm will be supplied to L3Harris Technologies.
For the electricity produced by the Briar Creek facility, Lightsource bp has a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS).
During the construction phase, Elm Branch and Briar Creek projects are expected to create 500 or more local jobs.