A solar project east of Indianapolis is underway. London-based Lightsource bp says it has secured funding for and begun construction on the Bellflower Solar farm in Henry and Rush counties.
The company first announced plans for then 173-megawatt solar farm in January. When operational, the solar farm will be able to generate enough clean energy to power the equivalent of nearly 27,000 homes annually.
Lightsource says it secured a $367 million portfolio financing package, which will not only fund the Bellflower Solar project, but multiple other solar projects.
“This project financing transaction is a demonstration of the continued confidence that top-tier investors and power offtakers have in Lightsource bp, and the quality of our solar assets,” Kevin Smith, chief executive officer of the Americas for Lightsource, said in a news release. “Our commitment to responsible solar development, such as the research we’re doing at Bellflower on co-locating pollinator habitat with solar, further multiplies solar’s contribution to preserving our planet for future generations.”
Lightsource says the solar farm is expected to begin commercial operation by late 2022. The project is expected to create about 200 construction jobs with the majority of workers being hired locally.
The company says the project will generate an estimated $30 million in property tax revenue for Rush and Henry counties over its lifetime.
Lightsource has already reached a power purchase agreement with Verizon Communications Inc. (NYSE: VZ) to acquire the power generated from the solar farm.