Lightsource BP, a global solar company owned 50% by oil giant BP, has successfully closed on a $380 million financing package and mobilised construction on its Elm Branch and Briar Creek solar projects in Texas, both located about 70 kilometres south of Dallas.
The 163MW Elm Branch and the 153MW Briar Creek solar projects are expected to offset greenhouse gas emissions by a total of 370,000 metric tons of CO2 annually.
Lightsource BP said power contracts secured with energy partners Allianz and L3Harris played a key role in supporting investment and financing of this new clean energy infrastructure in Texas.
The company inked a virtual power purchase agreement (VPPA) with L3Harris for up to 100 megawatts of capacity from Elm Branch, and a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS) with respect to the electricity generated by Briar Creek.
Lightsource BP selected McCarthy Building Companies as their Engineering, Procurement, and Construction (EPC) Contractor for both projects, which are expected to create 500 or more local jobs during construction and to start commercial operation by late 2021.
