January 19, 2023
Lightsource bp has efficiently closed on a $267 million tax fairness funding from monetary providers agency Wells Fargo & Co. The financing leverages the Production Tax Credit (PTC) construction made accessible for solar firms within the 2022 Inflation Reduction Act (IRA).
The funding will assist the development and operation of a two-project portfolio in Louisiana and Arkansas totaling 481 MWdc, that are among the many largest tasks in every state. The tasks embody:
- 346 MW Oxbow Solar in Pointe Coupee Parish, Louisiana, with energy gross sales to McDonald’s and eBay.
- 135 MW Conway Solar close to Happy, Arkansas, with energy gross sales to Conway Corp.
Wells Fargo’s tax fairness funding is along with Lightsource bp’s sponsor fairness funding and enhances the debt financing bundle which initially closed in December 2021.
”We are happy to assist Lightsource bp in its efforts to produce low-cost, emission-free solar electrical energy in Louisiana and Arkansas,” mentioned Shane Easter, a director with Wells Fargo’s Renewable Energy & Environmental Finance group. “Providing expertise and capital to important customers like Lightsource bp is part of our commitment to deploy $500 billion in sustainable financing by 2030 to support our customers and communities as they transition to a resilient, equitable and sustainable future.”
As the tax fairness investor, Wells Fargo is now the eighth international monetary establishment to assist this portfolio of tasks, becoming a member of different lenders like HSBC Bank USA, ING Capital LLC, Societe Generale, NatWest, Intesa Sanpaolo, Standard Chartered Bank and Allied Irish Banks.
Both tasks are scheduled to return on-line beginning in 2023, creating 600 direct development jobs.
“This investment is a great example of the positive impact that top tier financial institutions with meaningful commitments to sustainability such as Wells Fargo can make to help accelerate our country’s transition to a low-carbon economy and reduce the impacts of climate change that affect lives and livelihoods,” mentioned Kevin Smith, Lightsource bp’s CEO of the Americas. “The new tax credit options and stable policy environment for job growth made possible by the Inflation Reduction Act will further incentivize investment and spur the growth of America’s solar industry.”
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Tags: C&I, industrial and industrial, Lightsource BP, Wells Fargo