Lightsource bp bags US$140 million for 180MW US PV project

Facebook
Twitter
LinkedIn
Reddit
Email
Sheep graze under First Solar modules at a Lightsource bp solar farm. image: Lightsource bp

Solar developer Lightsource bp has secured a US$140 million tax equity deal with Barclays to finance the construction of the 180MW Prairie Ronde solar PV project in Louisiana, US.

Located in St. Landry Parish, Prairie Ronde is expected online by the end of 2024. It is already contracted under a corporate power purchase agreement (PPA) with fast food giant McDonald’s Corporation and Lightsource bp said it will build, own and operate the project.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Lightsource said that it has committed to “increasing biodiversity” on the land allocated for the PV project, and will grow a variety of plants underneath and around the modules.

The financing is one of the first deals made by Barclays’ Sustainable Project Finance team, which said that it is aiming to facilitate US$1 trillion of Sustainable and Transition Financing – towards renewable energy and energy transition projects – through 2030.

James Edmonds, Barclays global head of sustainable project finance said: “Mobilising strategic capital is critical for the energy transition and ensures Barclays can make a demonstrable difference in accelerating the scale up of clean energy development projects.”

In July last year, Barclays was one of eight banks which backed Spanish utility Iberdrola’s issuance of €850 million (US$925 million) in greed bonds to support the development of new renewable energy generation capacity.

Analysis by the US environmental organisation Sierra Club in January 2023 found that only around 2% of Barclays’ financing into the energy sector from 2016-2022 went to renewable energy companies and projects compared with a global average of around 10%. The report concluded that investment into renewable energy was moving “too slowly” to meet global net zero targets by 2050.

In December 2023, British fossil fuels major bp took full ownership of Lightsource bp, acquiring the 50.03% majority share that it did not already hold. The transaction represented a base equity value of £254 million (US$323 million) and will see bp use Lightsource’s experience as a renewable energy developer to meet its own demands for low carbon electricity.

13 November 2024
4pm GMT / 8am PST
This webinar by PVcase will provide an understanding of data risk for renewable energy projects and the challenges it poses, providing you with practical strategies and best practices to ensure data accuracy and reliability throughout your entire project. You'll explore innovative solutions offered by PVcase, including end-to-end automation, high-fidelity data analysis, and seamless data transfer, which can transform solar project development. By staying informed about the latest challenges and leveraging cutting-edge technology, you'll maximise project success, protect financial investments, and contribute to the broader goal of accelerating the clean energy transition. Don’t miss this opportunity to enhance the success and reliability of your solar developments.
26 November 2024
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

November 11, 2024
Chinese solar manufacturing giant LONGi posted RMB1.26 billion (US$174.8 million) in losses in its Q3 2024 financial results.
November 11, 2024
Despite record renewables installations in 2023, notably PV, the global energy transition remains “off track” and geographically imbalanced.
November 11, 2024
Between fiscal years 2022 and 2024, India increased its import of solar modules 23-fold, primarily to the US, according to a new report from IEEFA and JMK Research.
November 11, 2024
The Global Solar Council announced that it will launch the International Solar Finance Group at the COP29 conference in Baku, Azerbaijan
November 11, 2024
The Australian Energy Market Commission (AEMC) has progressed a consumer-focused pricing review that was brought forward due to increasing household rooftop solar PV installation rates.
November 8, 2024
In Q3 2024, Sunrun added 230MW of solar PV capacity and 336MWh of storage, both a double-digit increase from the previous quarter.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 12, 2024
San Diego, USA
Solar Media Events, Upcoming Webinars
November 13, 2024
4pm GMT / 8am PST
Solar Media Events
November 19, 2024
Philadelphia, USA
Solar Media Events
November 20, 2024
Zhuhai, China
Solar Media Events
November 21, 2024
London, UK