Lightsource BP has come to the end of paying $380 million for its two solar projects in Texas. Both projects have a capacity of 316MW combined. Ground-breaking has already been done for the 153MW Briar Creek and 163MW Elm Branch plants that are situated 40 miles south of Dallas.

The equity was sourced from Bank of America, and Société Générale and ING Capital gave facilities’ debt. Lightsource said that the earlier energy contracts played a vital role in supporting financing and investment. Recently the company entered into a proxy generation power purchase agreement (PPA) with Allianz Global for the power produced from Briar Creek and another PPA with L3Harris Technologies to purchase 100MW from Elm Branch.

Kevin Smith, the American CEO at Lightsource BP, said that the transaction clearly demonstrates that renewable energy projects have low risk and offer a stable income to investors. He added that in 2020, Lightsource BP acquired more than $1.2 billion irrespective of many challenges caused by the coronavirus pandemic.  This was an increase compared to 2019.

Lightsource has selected McCarthy Building Companies as its procurement, engineering, and building contractor. The executive vice president of McCarthy’s storage unit and renewable energy, Scott Canada, said that the company is pleased and happy to be part of the honourable team that is committed to providing all Texans clean energy. He added that solar power had positively impacted communities who embrace green energy all over the country. The project will start its operations by 2021.

Last month, Lightsource BP announced the completion of another solar PV plant still in Texas.  The project has a capacity of 260MW, which will be supplied to households across Texas. In California, Southern Power, a US wholesale energy provider, has added battery energy storage to its two solar sites. These storage power facilities will help to enhance grid sustainability and enable renewable power integration.

Southern Power CEO said that the addition of these two storage facilities is a great milestone in the clean power portfolio. It will help the company be able to meet all clients’ energy needs as the industry still evolves. The company also said that this would allow the state to attain its ambitious goals of reaching carbon neutrality and net-zero carbon by 2045. Organizations and companies are trying to shift from using fossil fuels and instead embracing clean energy use. This will significantly help decrease greenhouse gas emissions worldwide in the fight against climate change.

By Adam

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