Barclays and Lightsource bp have committed to a $140 million tax equity transaction slated to finance construction of the 180 MW Prairie Ronde solar project in St. Landry Parish, La.
The deal was led by Barclays’ Sustainable Project Finance team, working in partnership with the bank’s Energy Transition Group, formed last month to advise clients as they explore energy transition opportunities. Barclays acted as the sole external equity investor on the deal.
Lightsource bp plans to build, own and operate the solar farm, where commercial operation is expected to begin later this year. A power purchase agreement is in place with McDonald’s Corporation.
“As members of the St. Landry community, we look forward to delivering affordable clean energy while continuing to expand our investment in Louisiana to help power the state’s low carbon, independent energy future,” says Lightsource bp’s Emilie Wangerman.
“What’s really exciting is commitments like Barclays to sustainable and energy transition financing are also helping boost local economies. The Prairie Ronde project is expected to provide more than $20 million tax revenue to St. Landry Parish public services such as local school systems over the life of the project.”
