Lightsource closes $348 million financing package for two projects

By William Gullotti

Buffalo, N.Y., Feb. 21 – Lightsource BP closed on a $348 million financing package for solar projects in Texas, according to a press release on Wednesday.

The company noted that this financing package is its first to benefit from the transferability provisions of the Inflation Reduction Act. Proceeds will be used to support the construction and operation of two utility-scale solar projects. Together, the projects constitute a 288-megawatt portfolio scheduled to come online in 2024.

ING Capital LLC served as administrative agent, collateral agent and green loan coordinator.

Societe Generale acted as coordinating lead arranger for the financing.

ING also acted as a mandated lead arranger alongside Lloyds Banking Group and Allied Irish Banks.

ING, Societe Generale and Lloyds further acted as hedge providers. NatWest also participated in the financing.

Relevant details, such as interest rate and tenor, were not disclosed in the press release.

London-based Lightsource is a solar project funding and development company with operations in the Middle East and Africa, Asia Pacific and the Americas. U.S. operations are based out of San Francisco.

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