Lightsource bp closed a multi-project financing package of $533 million and will soon mobilize construction for its 135 MW DC Conway Solar Project near Happy, Ark. (about 55 miles northeastern Little Rock).
Lightsource bp will own, build, and operate the facility. Conway Corp. will also receive the clean, renewable energy it produces under a long-term power buy agreement. The solar farm will be able to generate enough electricity for more than 21400 homes.
“Our mission is to provide safe, affordable, reliable, innovative and environmentally sound service to our customers,” says Bret Carroll, Conway Corp.’s CEO. “This solar project checks all those boxes. It will have a lasting effect on our community. We look forward to working with Lightsource bp to get the project under construction and delivering service to our customers.”
Conway Solar is part a portfolio financing package of multiple solar projects worth $533 million, 480 MW. The following lead arrangers were mandated to provide the debt. Lightsource bp supported the remaining equity requirements and invested the rest. HSBC Bank USA, National Association was the coordinating lead arranger. ING Capital LLC was the green loan coordinator. It is an indirect U.S. subsidiary ING Bank NV. Intesa Sanpaolo S.p.A. New York Branch acted as the coordinating lead arranger. NatWest, Societe Generale & Standard Chartered Bank were also involved as arrangers.
“Beyond improving the health and energy security of communities across America, large-scale solar projects help strengthen local economies,” states Kevin Smith, CEO of the Americas for Lightsource bp. As the owner and operator of the Conway solar farm at Happy, we look forward to bringing economic benefits to the region, along with fostering long-term community partnerships.”
Conway Solar farm, Happy, will be constructed in March 2022. Commercial operation is expected to begin in mid-2023. Lightsource bp has selected Gibson Technical Services, a subsidiary Orbital Energy Group as the engineering procurement and construction (EPC), contractor for the photovoltaic plant.
“Orbital Energy Group recognizes Lightsource bp as a leading utility scale solar developer in the nation and appreciates the relationship we have established moving the Conway project to the construction phase,” adds Jim O’Neil, vice chairman and CEO of Orbital Energy Group. “We fully expect to advance our partnership with Lightsource bp, safely completing this project on time, and with quality workmanship.”