Project Finance Brief: Lightsource bp Closes $327 Million Financing for a Solar Project
IFC loans €100 million to OCP for 202 MW solar projects in Morocco
From: Mercom Capital Group
Lightsource bp, a solar project developer, closed a $327 million financing package and mobilized construction finance for the 313 MW Driver Solar project in Mississippi County, Arkansas. Upon completion, Driver Solar will be the largest solar project in Entergy Arkansas’ portfolio and the largest in Arkansas, generating enough energy to power more than 50,000 homes. HSBC Bank USA, BNP Paribas, Societe Generale, and Sumitomo Mitsui Banking Corporation provided the financing.
International Finance Corporation has signed an agreement with phosphate-based fertilizer producer OCP for a €100 million (~$110.5 million) green loan to build four solar projects of 202 MW in Morocco. The projects will be constructed in the mining towns of Benguerir and Khouribga, home to Morocco’s largest phosphate reserves. The project is part of OCP’s $13 billion Green Investment Program, which aims to increase its green fertilizer production and transition its operations to green energy by 2030. The projects will help OCP achieve its goals of sourcing 100% of the company’s electricity needs through wind, solar, and cogeneration by 2027.
Longroad Energy, a U.S.-based renewable energy projects developer, owner, and operator, has sold its 108 MW Foxhound solar project to Dominion Energy. Foxhound, located in Halifax County, Virginia, has begun construction. The financial details of the acquisition details were not disclosed. The project has long-term power purchase agreements. The financial close of the acquisition is expected once the Foxhound project reaches mechanical completion in January 2024.
Glennmont Partners, a clean energy fund manager, acquired a portfolio of seven solar photovoltaic projects totaling 65 MW in Basilicata, Italy. The projects in the Basilicata region will be built in two clusters, with the first expected to begin construction in early 2024 and the other in the second half of 2024. The projects are expected to be commissioned in the first half of 2025 and the second half of 2026.
Greenwood Sustainable Infrastructure, the North American renewable energy subsidiary of Libra Group, has announced the strategic acquisition of the solar and battery development portfolios of Saturn Power, a developer, and operator of renewable energy projects. The deal includes an approximate 1.4 GW pipeline of early to late-stage solar and energy storage projects in five U.S. states and two Canadian provinces and Saturn Power’s team of seasoned developers.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s project finance brief.