A solar project in Alabama has closed on a significant round of funding.
Lightsource bp has secured a $100 million financing package for its 130-megawatt Black Bear Solar energy project in Montgomery County. Black Bear will contribute to Alabama’s cumulative utility-scale solar capacity when complete.
The tax equity investment for the project was secured from Minneapolis-based U.S. Bank. Banco Santander and Sumitomo Mitsui Banking Corporation (SMBC) provided the project's debt, with the balance of the equity requirements being invested by Lightsource bp.
The power contract secured with Alabama Municipal Electric Authority (AMEA) played a major role in enabling investment and financing of this new energy infrastructure for Alabama, according to Lightsource bp. Montgomery-based AMEA will be the wholesale power provider for 11 public power utilities in Alabama, serving some 350,000 customers in Alexander City, Dothan, Fairhope, Foley, LaFayette, Lanett, Luverne, Opelika, Piedmont, Sylacauga and Tuskegee.
"This project demonstrates the positive impacts that result from partnerships with shared goals to reduce carbon emissions, deliver affordable electricity, create jobs and contribute to local communities,” said Kevin Smith, CEO of the Americas for Lightsource bp. “It’s also a testament to the cost-effectiveness and bankability of solar energy that world-class lenders are supporting this project, and that AMEA has agreed to purchase the electricity on a long-term basis to the substantial benefit of its members.”
According to Lightsource, in addition to providing clean energy and bill savings to AMEA’s members and their customers, the project will contribute almost $7 million in property tax revenue to county schools over the first 35 years of the project life.
