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Lightsource bp closes tax equity deal with Wells Fargo

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Lightsource bp has closed on a $267 million tax equity investment from Wells Fargo.

Wells Fargo’s investment will support the construction and operation of two projects in Louisiana and Arkansas, which are both among the largest in each state.

The solar PV portfolio, totaling 481MW, includes:

  • 346MW Oxbow Solarin Pointe Coupee Parish, Louisiana, with energy sales to McDonald’s and eBay

  • 135MW Conway Solarnear Happy, Arkansas, with energy sales to Conway

The projects will reduce annual greenhouse gas emissions by more than 630,00 metric tons. The completion of both projects, which would result in 600 direct construction jobs, is planned to start in 2023.

Kevin Smith, chief executive of Lightsource bp, said: "The new tax credit options and stable policy environment for job growth made possible by the Inflation Reduction Act will further incentivize investment and spur the growth of the US solar industry."

Wells Fargo is the eighth financial institution to fund this project portfolio. The other lenders are:

  • HSBC Bank USA

  • ING Capital

  • Societe Generale

  • NatWest

  • Intesa Sanpaolo

  • Standard Chartered Bank

  • Allied Irish Banks