British renewables developer Lightsource BP today announced it had secured $1.8 billion in revolving credit lines from ten of the world's biggest lenders, to finance its plans to hit 25 GW of solar project capacity by 2025.
The London-based business, which is half owned by British energy company BP, said the finance package – which includes trade credit, which offers the user the chance to take goods and pay later – had been secured from lenders in France, Spain, the U.K., Japan, Canada, and the U.S.
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The credit facilities will be provided by French banks BNP Paribas and Société Générale; Spanish institution Santander; U.K. government-controlled NatWest and domestic peer Lloyds; Japanese institutions Mitsubishi UFJ and Sumitomo Mitsui; Canadian financiers Canadian Imperial and Toronto Dominion; and U.S. brand Wells Fargo. A press release issued by Lightsource BP this morning did not indicate how much each lender had contributed to the package.
The clean energy company estimated its 25 GW push will create around 500 jobs over the next four years and said it had developed 3.8 GW of solar capacity since forerunner Lightsource was founded, 11 years ago.
Lightsource group chief executive Nick Boyle, quoted in the press release, said: “Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis. If we’re going to meet the commitments of the Paris Agreement, business as usual isn’t going to cut it. Our industry-leading 25 GW by 2025 target, and the finance package, are further proof that Lightsource BP has left business as usual far behind.”
Lightsource joint owner BP in June announced it would spend $220 million “and 1 GW of ‘safe harbor' equipment” to acquire a 9 GW solar portfolio in the U.S. from Texas-based developer 7X Energy, with Lightsource BP to develop the project capacity. Lightsource today indicated that 9 GW is not included in its 25 GW target.
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