Lightsource BP has announced a structured equity investment from HASI, a major climate solutions investor, for a 288-MW solar portfolio in Texas. The portfolio includes the 163-MW Starr solar project in Starr County and the 125-MW Second Division PV project in Brazoria County. Scheduled to be operational by the end of 2024, the projects will collectively power over 50,000 homes and reduce carbon emissions by approximately 381,000 metric tons annually.
Both projects are supported by long-term power purchase agreements (PPAs) with corporate buyers of strong credit quality, adding to Lightsource BP's existing 576-MW capacity in Texas.
Simms Duncan, Lightsource BP's senior vice president of structured finance, noted that HASI's investment will help optimize the projects' value, advancing Lightsource BP's U.S. and global portfolio growth. HASI's senior managing director, Manny Haile-Mariam, emphasized the alignment of the partnership with HASI's mission to fund sustainable, lower-carbon energy solutions.
The projects leverage support from the Inflation Reduction Act and will use American-made solar panels from First Solar and tracking systems from Array Technologies, highlighting the focus on domestic content and manufacturing.
