Lightsource bp secures $348M financing for Texas solar projects

Lightsource bp has secured a $348 million financing package for two Texas solar projects, Starr (163 MW) and Second Division (125 MW). The construction, generating 400 jobs, is set for completion in 2024. The deal utilized the Inflation Reduction Act’s provisions for investment tax credits. Notably, it’s the first US renewable energy project finance transaction with transferability bridge and equity partner bridge loans. Lightsource bp has raised $4.6 billion since 2019, and key lenders include Societe Generale, ING, NatWest, Lloyds Bank, and Allied Irish Banks, fostering Texas energy security.