Lightsource bp has successfully closed on a $376 million multi-project financing package and mobilized construction of its 173 MW DC Bellflower Solar project, located about 40 miles east of Indianapolis in Henry and Rush counties.
A power purchase agreement with Verizon Communications Inc., announced in early 2021, was key to achieving this project milestone.
“This project financing transaction is a demonstration of the continued confidence that top-tier investors and power off-takers have in Lightsource bp and the quality of our solar assets,” says Kevin Smith, CEO of the Americas for Lightsource bp. “Our commitment to responsible solar development, such as the research we’re doing at Bellflower on co-locating pollinator habitat with solar, further multiplies solar’s contribution to preserving our planet for future generations.”
Bellflower Solar is part of a 466 MW, $376 million portfolio financing package for multiple solar projects. The tax equity investment for the portfolio was secured from Bank of America, marking its fourth transaction with Lightsource bp over the past two years. Debt for the portfolio was provided by mandated lead arrangers ING Capital LLC, Sumitomo Mitsui Banking Corp., HSBC Bank USA, National Association and NatWest. The balance of the equity requirements will be invested by Lightsource bp.
Construction has started, with commercial operation expected by late 2022. SOLV Energy was selected by Lightsource bp as the engineering, procurement and construction contractor for the project.
“Solar is a nationwide industry and job creator, and we’re beginning to see large-scale PV projects growing in size and impact throughout the Midwest,” states George Hershman, CEO of SOLV Energy. “Projects like Bellflower are not only expanding access to clean power across the country but also providing valuable job and training opportunities to American workers in rural communities. SOLV Energy is excited to partner with Lightsource bp in Indiana.”