Lightsource bp said it closed on a $267 million tax equity investment from Wells Fargo & Co. The investment is in addition to Lightsource bp’s sponsor equity investment and complements a debt financing package that closed in December 2021.
Wells Fargo’s investment is expected to support construction and operation of a two-project portfolio totaling 481 MW, including:
- 346 MW Oxbow Solar in Pointe Coupee Parish, Louisiana, with energy sales to McDonald’s and eBay
- 135 MW Conway Solar near Happy, Arkansas, with energy sales to Conway Corp.
Wells Fargo is now the eighth financial institution to support this portfolio of projects, joining HSBC Bank USA, ING Capital LLC, Societe Generale, NatWest, Intesa Sanpaolo, Standard Chartered Bank, and Allied Irish Banks.
Kevin Smith, Lightsource bp’s CEO of the Americas, said that new tax credit options and “stable policy environment” made possible by the federal Inflation Reduction Act “will further incentivize investment and spur the growth of America’s solar industry.”