Lightsource BP Renewable Energy Investments Ltd. announced Sept. 24 that it closed more than $140 million of funding for a 125-MW portfolio of seven solar projects located across four U.S. states.
The financing includes tax equity investment and long-term debt financing, according to a Sept. 24 release.
Rockwood Group LLC provided the tax equity financing, through its partnership with Guardian Life Insurance Co. of America.
The projects include: Whitetail Solar 1, 2, and 3 in Franklin County, Pa., with power purchase agreements with Penn State University; the 20-MW Johnson Corner Solar Project in Stanton County, Kan., with power sales to Mid-Kansas Electric Co. LLC; the 13-MW Wildflower Solar 1 Project in Sacramento County, Calif., with a power contract with the Sacramento Municipal Utility District; and the Grants Solar and Bluewater solar projects in Cibola County, N.M., with power sales to Continental Divide Electric Cooperative Inc.
"The transaction demonstrates the quality and bankability of our developed assets," Lightsource BP CEO of the Americas Kevin Smith said.
National Westminster Bank PLC served as the senior project finance debt lender. CohnReznick Capital acted as Lightsource BP's advisor.
BP PLC owns a 43% stake in Lightsource BP.
