Lightsource bp completes $533 million package of projects in Louisiana

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Lightsource bp has closed a $533 million multi-project financing package and mobilized construction of its 345MW Ventress solar project, located 30 miles northwest of Baton Rouge in Pointe Coupee Parish. Lightsource bp will build, own and operate the facility and sell the clean, renewable energy it produces to McDonald’s Corporation and eBay Inc. under long-term PPAs.

Emma Cox, Global Renewable Energy Lead at McDonald’s said: “This unique partnership between Lightsource bp, eBay and McDonald’s is an example of how big brands can come together to make a meaningful impact at a local level. We are thrilled to see our values ​​come to life in a project like Ventress Solar and take this important next step online.”

Ventress Solar is part of a $533 million 480MW portfolio financing package for multiple solar projects. Debt financing for the portfolio was provided by the following Mandated Lead Arrangers, with the remainder of the equity requirements being invested and supported by Lightsource bp.

  • HSBC Bank USA, National Association (HSBC Bank USA, NA), part of HSBC Group, one of the world’s largest banking and financial services organizations serving clients in the Wealth and Personal Banking, Commercial Banking, Private Banking and Global Banking and Markets segments. HSBC also acted as Coordinating Lead Arranger.
  • ING Capital LLC (ING), a financial services company offering a full range of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect US subsidiary of ING Bank NV, part of ING Group NV, a global financial institution. ING also acted as Green Loan Coordinator.
  • Intesa Sanpaolo SpA, New York office (Intesa Sanpaolo), one of the leading banking groups in Europe, serving corporate clients in 25 countries worldwide. Intesa Sanpaolo is recognized as one of the most sustainable banks in the world and aims to become a reference model in terms of sustainability and social and cultural responsibility. Intesa Sanpaolo also acted as Coordinating Lead Arranger.
  • NatWest, a project finance provider in Europe and long-term partner of Lightsource bp worldwide. They are a large private and commercial bank offering global market access and trade, financing, risk management and transaction banking services. In October 2021, NatWest Group announced an additional £100bn in climate and sustainable finance and finance through the end of 2025.
  • Societe Generale, one of the leading European financial services groups. Based on a diversified and integrated banking model, the group combines financial strength and proven innovation skills with a strategy of sustainable growth.
  • Standard Chartered Bank, an international banking group with a presence in 59 of the world’s most dynamic markets. Its American franchise provides financial products and services to multinational corporations, financial institutions and development organizations through its Corporate and Institutional Banking business and plays a key role in facilitating international trade and investment flows between the Americas, Asia, Africa and the Middle East.

In just two years, the Lightsource bp team has raised over $2.3 billion in funding for its projects in 10 states.

Americas CEO Kevin Smith said, “In addition to improving the health and energy security of communities across America, large-scale solar projects help strengthen local economies. As the owner and operator of the Ventress Solar Farm, we look forward to bringing economic benefits to the community of Pointe Coupee and fostering long-term partnerships with the community.”

The construction of the Ventress solar park will create around 400 construction jobs for 21 to 24 months, to be filled mainly by local workers. An estimated $30 million will be added to the Pointe Coupee community over the life of the project, providing additional funding for schools, fire departments, libraries and health services – with no increase in taxes for citizens

According to a study by the Baton Rouge Area Chamber, an economic development agency supporting the nine-community Baton Rouge area, the project will have over $200 million in indirect economic impacts

Construction is ongoing and full commercial operation is expected by the end of 2023. LPL Solar was selected by Lightsource bp as the EPC contractor for the PV solar system. Louisiana-based Ampirical Solutions was selected as the EPC for the project’s substation and switchgear.

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Tags: light source BP, scale of supply
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