UK-based global renewables developer Lightsource bp has secured investment for two utility-scale PV projects in Texas, one of which is backed by a newly signed off-take deal with the clothing brand H&M.
Lightsource bp last week said it had closed a structured equity investment from HASI, a specialist climate investor, in the 163MW Starr Solar project in Texas’ Starr County and the 125MW Second Division project located in Brazoria County.
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The two projects include a range of transferability facilities made possible under the US Inflation Reduction Act, as well as qualifying for domestic content bonuses for using American-made hardware – modules from US thin-film producer First Solar and trackers from Array Technologies.
The projects will join Lightsource bp’s 576MW portfolio of operational projects in Texas.
Second Division PPA
In a separate announcement last week, Lightsource bp said it had finalised a power purchase agreement with H&M for the Second Division project. The project is currently under construction and is due to be operational by the end of this year.
H&M and Lightsource bp first joined forces in 2021, committing to a multi-year partnership on renewable energy projects.
Ulrika Leverenz, H&M Group’s head of green investment, said: “Considering fashion’s environmental impact, we see great value in moving away from just using certificates to contributing to more clean energy. By partnering with solar and wind farm developers, we can help build renewable electricity capacity in power grids around the world.”
Oil and gas major bp recently completed its full acquisition of the erstwhile Lightsource after first revealing its plans to acquire the company in 2023.
