By Adriano Marchese

 

Lightsource BP said Tuesday that it has completed a $380 million financing package and has begun construction on two solar projects in Texas.

The developer and manager of solar energy projects --which is 50% owned by oil major BP PLC-- said that it has mobilized construction on its 163 megawatt Elm Branch and 153 megawatt Briar Creek solar projects, located near Dallas, Texas.

"This transaction is a demonstration of the low risk and stable yield opportunities that renewable energy projects offer to investors, the quality and bankability of our developed assets, and the confidence that top tier investors have in Lightsource bp," the company's Chief Executive of the Americas Kevin Smith said.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

January 26, 2021 11:11 ET (16:11 GMT)

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