Lightsource bp, the wholly-owned unit of BP PlC, has obtained a structured equity investment from climate solutions investor HASI to support a 288-MW solar project portfolio in Texas.
The announcement was made on Wednesday, detailing the investment's connection to two utility-scale solar schemes: the 163-MW Starr Solar project in Starr County and the 125-MW Second Division project in Brazoria County.
Once operational, the two photovoltaic (PV) parks are expected to generate enough electricity to meet the annual consumption of over 50,000 homes. Both projects are supported by long-term power purchase agreements (PPAs) with corporate off-takers, including Swedish fashion chain H&M Group, and are slated to begin commercial operations by the end of 2024.
The installations will feature PV panels supplied by Arizona-based First Solar and tracking systems manufactured by Array Technologies.
The new solar projects will expand Lightsource bp's operational fleet in Texas, which already totals 576 MW. Additionally, each project is eligible for domestic content and energy community benefits under the Inflation Reduction Act, enhancing their economic viability and sustainability.
