Project Finance Brief_ Lightsource bp Closes $285 Million Financing for Bighorn Solar Project

Lightsource bp, a solar project developer, closed a $285 million financing package for its Bighorn Solar project, which will be located on EVRAZ Rocky Mountain Steel mill property in Pueblo. As the electrical provider for the steel mill, Xcel Energy will purchase the power generated by the solar facility under a long-term contract with Lightsource bp.

The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has signed an agreement with Shuaa Energy sponsored by Dubai Electricity and Water Authority (DEWA), ACWA Power and Gulf Investment Corporation, to provide $70.5 million in financing for the fifth phase of development of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Part of a larger project finance facility amounting to $420.2 million provided by a number of local, regional and international banks, the funds will be used in the development, construction, ownership, operation and maintenance of the $564 million and 900 MW solar project.

EDF Renewables (EDFR) continues to invest in Ireland by acquiring Wexford Solar, which includes eight solar PV projects with around 100 MW of capacity across the country. Of these, four were consented and have been successful in the first RESS auction; this includes Blusheens (11.5MW), Coolroe (7.4 MW) and Curraghmartin (5.7 MW) – all of which are in County Wexford – and Stamullen (5.8 MW) in County Meath. Construction is expected to start in 2021 for these projects, while the other four projects acquired as part of Wexford Solar’s portfolio are currently in the development stage. These include Ballycarren (6MW) in County Wexford, Willville (5.7MW) in County Louth, Johnstown (15MW) in County Carlow and Athlone (45MW) in County Roscommon.

Portuguese renewable power company Finerge Group has acquired six PV projects with a combined capacity of 17.8 MW from Luxembourg-based company Luxbon Solar. Located in the Greater Lisbon region, these solar projects can generate a turnover of €8 million (~$9.3 million) per year to the company. The transaction is expected to be completed this month.


Octopus Renewables Infrastructure Trust, an investment company, has entered into a share purchase agreement to acquire a 100% interest in a portfolio of solar PV projects located in Southern Spain, with completion of the acquisition conditional on the assets becoming ready to build. The portfolio consists of 4 solar PV projects in Andalucia, which are expected to be ready to build by January 2023. The projects will have a total installed capacity of 175 MW and are expected to become operational in early 2024. The Portfolio’s acquisition cost, including grid access rights, is €37.8 million (£34.5 million), which will be due once the Portfolio is construction ready.

Helios Infrastructure (Helios), a joint venture between Nationwide and Sol Systems, acquired a 50 MW solar project located in West Baton Rouge Parish, and it is now owned and operated by Helios. Entergy Louisiana is purchasing the energy produced by the project through a 20-year power purchase agreement.

Columbus Energy has signed an agreement to acquire the special purpose vehicles holding about 21.7 MW of solar projects. The agreement includes an option to obtain an additional 2 MW. The projects to be acquired under the latest agreement have building permits and connection conditions and are currently in the pre-auction phase. The projects will be worth a total of PLN 94.8 million (~$24.2 million) after construction if the additional 2 MW are acquired.

Greenalia has acquired two new solar projects being developed in Jaén, totaling 60 MW. With this acquisition, Greenalia updates its portfolio, reaching 660 MW in its solar projects pipeline; all of these projects have grid access granted by Red Eléctrica Española (REE) and are located in top solar resource areas of the Iberian Peninsula, specifically Andalucía and Comunidad Valenciana. 

Renewable energy developer Acciona has acquired a 240 MW solar project in Fort Bend County, Texas, from Diode Ventures, a Black & Veatch company that develops global infrastructure.

 

Image credit: EDF Renewables