The tax equity investment for the project was secured from U.S. Bank. Debt for the project was provided by Banco Santander and Sumitomo Mitsui Banking Corp. The balance of the equity requirements will be invested by Lightsource bp.
“This project demonstrates the positive impacts that result from partnerships with shared goals to reduce carbon emissions, deliver affordable electricity, create jobs and contribute to local communities,” states Kevin Smith, CEO of the Americas at Lightsource bp. “It’s also a testament to the cost-effectiveness and bankability of solar energy that world-class lenders are supporting this project, and that AMEA has agreed to purchase the electricity on a long-term basis to the substantial benefit of its members.”
The power contract secured with Alabama Municipal Electric Authority (AMEA) played a critical role in enabling investment and financing of this new energy infrastructure for Alabama. AMEA, located in Montgomery, is the wholesale power provider for 11 public power utilities that serve some 350,000 customers in the cities of Alexander City, Dothan, Fairhope, Foley, LaFayette, Lanett, Luverne, Opelika, Piedmont, Sylacauga and Tuskegee.
“AMEA is excited about our partnership with Lightsource bp,” says Fred Clark, president and CEO of AMEA. “This large-scale solar project will help diversify AMEA’s fuel resources and will continue to provide low-cost electricity to our members’ customers.”