Lightsource bp has successfully closed on a $380 million financing package and mobilized construction on its Elm Branch and Briar Creek solar projects in Texas, both located about 40 miles south of Dallas.
“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,” said Kevin Smith, CEO of the Americas, Lightsource bp. “Despite challenges posed with COVID-19, Lightsource bp reached financial close on over $1.2 billion in transactions in the U.S. in 2020, a substantial increase from 2019.”
Power contracts secured with energy partners played a key role in supporting the investment and financing of this new clean energy infrastructure in Texas. A virtual power purchase agreement (VPPA) with L3Harris Technologies was made for up to 100 MW of capacity from Elm Branch; and a proxy generation power purchase agreement (pgPPA) was made with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS) with respect to the electricity generated by Briar Creek.
Construction has started with commercial operation of both projects expected by late 2021. The Elm Branch project will be 163 MW and Briar Creek 153 MW.
Lightsource bp selected McCarthy Building Cos. as its EPC contractor for the project. The McCarthy team was selected for both its track record in successfully building large-scale solar projects and commitment to recruiting and hiring from the local workforce.
McCarthy’s Renewable Energy & Storage team plans to hire approximately 500 craft workers to construct the two projects — the majority of whom are being recruited from the local region and the military veteran community, as part of its new veteran recruitment program — and will train laborers seeking utility-scale solar construction experience. Area residents and military veterans interested in working on one of these solar projects should visit www.McCarthy.com/careers/search, and select the city where the project is located to find job postings for positions ranging from entry level to experienced, including laborer, operator, crew lead, electrician and journeyman electrician.
“We are grateful to be part of bringing clean energy and jobs to these Texas communities,” said Scott Canada, executive vice president of McCarthy’s Renewable Energy & Storage team. “With utility-scale solar construction jobs on the rise in Texas and around the country, we are continually working to help local skilled craft workers, veterans and those displaced from jobs in other sectors to join our solar project teams and receive the training needed to develop rewarding careers in the growing renewable energy sector.”
News item from Lightsource bp