Lightsource bp has efficiently closed on a $267 million tax fairness funding from Fortune 500 Wells Fargo & Co. Well Fargo’s funding will help the development and operation of a two-project portfolio totaling 481 MW DC. The 346 MW Oxbow Solar in Pointe Coupee Parish, La. has energy gross sales to McDonald’s and eBay whereas the 135 MW Conway Solar close to Happy, Ark. has energy gross sales to Conway Corp.
“We are pleased to support Lightsource bp in its efforts to supply low-cost, emission-free solar electricity in Louisiana and Arkansas,” says 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 help this portfolio of tasks, becoming a member of the portfolio’s mission finance lenders together with HSBC Bank USA, ING Capital LLC, Societe Generale, NatWest, Intesa Sanpaolo, Standard Chartered Bank and Allied Irish Banks.
“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,” states 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.”
The tax fairness funding by Wells Fargo is along with Lightsource bp’s sponsor fairness funding and enhances the debt financing package deal which initially closed in December 2021.