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In March 2020, we announced that we successfully closed on a $250 million financing package for its Impact Solar project located in Lamar County, Texas, 120 miles northeast of Dallas. The energy generated by the 260MW project will be traded through a long-term agreement with BP.
Financing a low-carbon future
Lightsource bp, alongside several project investors, will fund an estimated $250 million into the solar plant. The senior debt facility for the project was provided by HSBC Bank USA, N.A. (HSBC) and National Westminster Bank PLC (NatWest), with HSBC acting as Coordinating Lead Arranger and NatWest as Joint Lead Arranger. Tax equity financing was secured from Bank of America. This multifaceted funding arrangement is testament to our sophisticated financial structures and innovations.
Benefiting beyond solar
The project is expected to create almost 300 jobs in construction, operations, maintenance and asset management. In addition, generation from a project of this size and type would typically be expected to provide clean, cost-effective energy for the equivalent of more than 34,000 homes in the Texas market and provide an offset of 268,675 metric tons of greenhouse gas emissions each year, comparable to taking over 57,000 fuel-burning cars off the road.