Lightsource bp has successfully closed on a $100 million financing package for its 130 megawatt (MWdc) Black Bear Solar energy project* in Montgomery County, Alabama. When complete, Black Bear will meaningfully contribute to Alabama’s cumulative utility-scale solar capacity*.
The tax equity investment for the project was secured from Minneapolis-based U.S. Bank. Debt for the project was provided by Banco Santander, one of the largest banks in the world by market capitalization, headquartered in Spain, and Sumitomo Mitsui Banking Corporation (SMBC), a top-tier global financial group headquartered in Tokyo. The balance of the equity requirements will be invested by Lightsource bp.
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. AMEA, located in Montgomery, 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.
Fred Clark, President & CEO, AMEA: “AMEA is excited about our partnership with Lightsource bp. This large scale solar project will help diversify AMEA’s fuel resources, and will continue to provide low-cost electricity to our Members’ customers.”
Situated 15 miles from AMEA’s headquarters in Montgomery, Black Bear Solar will supply cost-effective, locally sourced electricity to AMEA’s 11 Member utilities located across the state. In addition to providing 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.
* AMEA, on behalf of its Members, sells the Renewable Energy Certificates associated with the Black Bear Solar Energy Project to third parties.