Lightsource finalizes $460M solar project financing
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United Kingdom-based Lightsource bp said this week it has completed a $460 million financing package to support and fund two utility-scale solar projects in St. Joseph County and Louisiana.
The Indiana project, to be constructed east of the town of New Carlisle, will be a 188-megawatt operation known as Honeysuckle Solar. The commercial solar farm will be privately-funded, costing $250 million, and will be able to power 27,000 homes.
Lightsource has already inked a long-term power purchase agreement with AEP Energy Partners for the energy generated at Honeysuckle Solar.
The farm’s creation will generate about 200 construction jobs locally. South Bend-based Inovateus Solar LLC will be the engineering, procurement and construction contractor for Honeysuckle Solar.
Additionally, Lightsource estimates a $30 million boost to the local community over its project life and will deliver a $3 million economic development payment to the county for local officials to decide how to spend.
Construction has already begun and is expected to be ready for operation by early 2024.
Lightsource is a development and management company for solar energy and energy storage projects and has a 50/50 joint venture with oil giant bp.
Another Lightsource project began operation last week at the 152-megawatt Bellflower Solar farm in Henry and Rush counties. The project was Lightsource’s first in Indiana.