$100 million transaction supports Lightsource BP’s construction plans in the U.S.
SAN FRANCISCO, California – Lightsource BP, a global solar leader, has announced the purchase of approximately $100 million in equipment from Array Technologies, an industry leader in reliable solar tracking solutions.
The investment in single-axis solar tracking equipment was completed in December, and is the first phase in the construction of over 1.5 gigawatts of large-scale solar projects in the U.S. This represents a significant portion of Lightsource BP’s projected build program in the U.S. over the next few years.
This agreement comes after recent collaboration between Lightsource BP and Array Technologies on a milestone 200 megawatt project in Australia.
“We’re pleased that we will have certainty of equipment supply as well as cost savings for our solar projects located across the country,” said Kevin Smith, Lightsource BP’s CEO of the Americas. “Lightsource BP is well positioned to execute its ambitious plan to deliver more than 4 gigawatts in the U.S. by 2023.”
“We are delighted to be working with Lightsource BP to deliver on this robust pipeline of projects,” stated Jim Fusaro, CEO at Array Technologies. “This agreement demonstrates the quality and bankability of Array’s single-axis tracking system over a diverse set of developments. Collaborations, such as this, showcase the flexibility and adaptability of both our business and our products.”
Lightsource BP, leveraging the strategic participation of BP as a 50% shareholder, is helping drive the global low-carbon energy transition with competitively priced, dependable, clean energy for businesses and communities. Since Lightsource BP announced its expansion into North America in late 2017, the team has driven exponential growth with a pipeline of almost 6 gigawatts of solar projects across the United States that includes 540 megawatts of announced power purchase agreements (PPAs) in 2019 and 366 megawatts of projects currently in construction in four states.
Lightsource BP financed the equipment purchase with an equipment loan underwritten by CoBank, ACB – one of the largest private providers of credit to the U.S. rural economy with more than $135 billion in assets. CoBank’s customers include agribusiness, power, water and telecommunications.
About Lightsource BP
Lightsource BP is an independent, global leader in the development, financing and long-term management of utility-scale solar PV projects with $7 billion of financing and capital raised to date an operating portfolio of 2GW of solar projects under its management. Through its integrated platform, structured finance, in-house engineering excellence and dedicated O&M division, Lightsource BP is helping drive the global energy transition with competitively priced, dependable, clean energy. Lightsource BP comprises a team of over 400 industry specialists in 16 offices across five continents. Lightsource BP in the US is headquartered in San Francisco with its east coast office in Philadelphia and has a development portfolio of almost 6 GW of solar projects across the United States. For more information visit lightsourcebp.com, follow us on Twitter @lightsourceBP and Instagram @lightsourcebp or view our LinkedIn page.
About Array Technologies
Array Technologies, Inc. is a leading solar tracking solutions and services provider for utility-scale projects. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array helps to maximize project returns. As the chosen tracker for more than 30 GW years of energy production, Array’s products have been optimized through unparalleled experience garnered over three decades. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia. For more information, please visit arraytechinc.com.