Lightsource BP, the solar power company backed by BP Plc (LON:BP), has closed a USD-285-million (EUR 243.4m) financing round for its 300-MW Bighorn Solar project in Colorado.
Construction at the site in Pueblo is already undergoing and is expected to take between 12 and 14 months, Lightsource BP said on Thursday. The photovoltaic (PV) complex is planned to go live by late 2021.
The developer has secured tax equity financing from Bank of America, as well as debt financing from a group of lenders including Sumitomo Mitsui Banking Corp (SMBC), Societe Generale and Export Development Canada (EDC). The remaining equity requirements will be covered by Lightsource BP.
The Bighorn solar farm will be powered by almost 750,000 Canadian Solar crystalline PV panels mounted on NEXTracker single-axis trackers. Its output will be purchased by utility Xcel Energy (NASDAQ:XEL), which is the electrical provider for the steel mill and will sell the electricity to EVRAZ Rocky Mountain Steel. The steel manufacturer will host the power plant at its property in Pueblo. Additional land for the development was provided by the City of Pueblo and private landowners.
McCarthy Building Companies has been picked as the engineering, procurement and construction (EPC) contractor for the project.
(USD 1.0 = EUR 0.854)