Lightsource bp has successfully closed on a $100 million financing package for its 130-megawatt Black Bear Solar energy project in Montgomery County, Alabama.
The power contract secured with Alabama Municipal Electric Authority (AMEA) played a critical role in enabling investment and financing of this new energy infrastructure for Alabama, Lightsource bp noted.
AMEA, located in Montgomery, Alabama, is the wholesale power provider for 11 public power utilities in Alabama, which serve some 350,000 customers in the cities of Alexander City, Dothan, Fairhope, Foley, LaFayette, Lanett, Luverne, Opelika, Piedmont, Sylacauga, and Tuskegee.
The tax equity investment for the project was secured from Minneapolis-based U.S. Bank. Debt for the project was provided by Spain’s Banco Santander and Sumitomo Mitsui Banking Corporation, a global financial group headquartered in Tokyo. The balance of the equity requirements will be invested by Lightsource bp.
Black Bear Solar will supply energy to AMEA’s 11 member utilities located across the state. The project will also contribute almost $7 million in property tax revenue to county schools over the first 35 years of the project life.