Lightsource bp will build, own and operate a solar power facility in Louisiana in a deal worth $533 million, and sell the renewable energy it generates to McDonald’s Corp. and eBay Inc. under long-term power purchase agreements.
The Ventress Solar project, which has a nameplate output of 345 MW(dc), will be located 30 miles northwest of Baton Rouge in Pointe Coupee Parish. Construction has started, with full commercial operation expected in late 2023.
Ventress is part of a 480 megawatt, $533 million portfolio financing package for multiple solar projects. Debt for the portfolio was provided by the following Mandated Lead Arrangers, with the balance of equity requirements invested and supported by Lightsource bp.
Construction of the Ventress solar farm will:
• Create about 400 construction jobs for 21-24 months, to be filled mainly by local workers
• Provide an estimated $30 million dollar boost to Pointe Coupee Parish over the project life – providing additional funding for schools, fire departments, libraries and health services – without a tax increase on its citizens
• Deliver an indirect economic impact of over $200 million, according to a study by the Baton Rouge Area Chamber, an economic development agency supporting the nine-parish Baton Rouge Area
• Abate about 450,000 metric tons of GHG emissions annually, equivalent to annual emissions from about 99,000 fuel burning cars.
Other financial partners include HSBC Bank USA, ING Capital LLC, Intesa Sanpaolo S.p.A., NatWest, Societe Generale and Standard Chartered Bank. LPL Solar has been selected by Lightsource bp as the Engineering, Procurement, and Construction (EPC) contractor for the photovoltaic (PV) solar plant. Ampirical Solutions, headquartered in Louisiana, has been selected as the EPC for the project substation and the switchyard.
