Construction has started with commercial operation of both projects expected by late 2021. McCarthy Building Companies was selected by Lightsource bp as their Engineering, Procurement, and Construction (EPC) Contractor for the project. The McCarthy team was selected for both their track record in successfully building large-scale solar projects and their commitment to recruiting and hiring from the local workforce.
“This transaction is a demonstration of the low risk and stable yield opportunities that renewable energy projects offer to investors, the quality and bankability of our developed assets, and the confidence that top tier investors have in Lightsource bp” said Kevin Smith, CEO of the Americas, Lightsource bp. “Despite challenges posed with COVID-19, Lightsource bp reached financial close on over $1.2 billion in transactions in the US in 2020, a substantial increase from 2019.”
Power contracts secured with energy partners played a key role in supporting investment and financing of this new clean energy infrastructure in Texas, including a virtual power purchase agreement (VPPA) with L3Harris Technologies 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.
In other news, Lightsource bp has also announced it has entered into a virtual power purchase agreement (VPPA) with Verizon Communications Inc. that will enable construction of a new 152.5 megawatt ac solar farm in Indiana, furthering Verizon’s goal of being carbon neutral in its operations (scope 1 and 2) by 2035.
The Bellflower solar farm, located about 40 miles east of Indianapolis in Henry and Rush Counties, is expected to become operational in 2022.
“Through their corporate sustainability commitment, Verizon is spurring development of clean and affordable energy sources in the US that benefit us all” said Kevin Smith, CEO of Lightsource bp in the Americas. “Working together, we’re reducing carbon emissions from electricity generation for the overall grid while delivering substantial local economic benefits. Adding initiatives to enhance local biodiversity further multiplies solar’s contribution to preserving our planet for future generations.”
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