Lightsource bp has successfully closed a $327 million financing and started construction of the 313 megawatt (MW) DC (250 MW AC) Driver Solar project located near Osceola, Mississippi County, Arkansas. This solar farm project, when completed, will be the largest in the state of Arkansas, generating enough energy to power over 50,000 homes. Entergy Arkansas will take ownership of the facility and operate it upon completion of construction and commencement of commercial operations.
Driver Solar: a key player in Arkansas’ economy
Lightsource bp acquired the Driver Solar project in 2021, which was under development by Acadian Renewable Energy, LLC. The Driver Solar project will provide local economic value by creating jobs and generating an estimated $1.3 million in property taxes annually. Laura Landreaux, president and CEO of Entergy Arkansas, said Driver Solar is the result of hard work and a strong partnership between Lightsource bp and Entergy Arkansas. “One of our key commitments to customers is to help them find cost-effective solutions to meet their sustainability goals,” she said.
“Driver Solar plays an important role in providing savings to all customers and supporting companies like U. S. Steel as they continue to move forward into their own clean energy future. Located next to U. Steel’s Big River facility. S. Steel and their recently announced $3 billion expansion, the solar project will help the steel company produce sustainable and advanced steel products for their customers.
Lightsource bp’s Driver Solar project supported by renowned financial partners
HSBC Bank USA, National Association (HSBC Bank USA, N.A.), part of the HSBC Group, one of the world’s largest banking and financial services organizations, providing private banking, commercial banking, investment banking and global markets services. HSBC acted as the lead agent. BNP Paribas, the European Union’s bank and a key player in international banking, is present in 65 countries and has nearly 190,000 employees. The group holds key positions in its three main business areas: commercial, retail and services banking; investment and protection services; and corporate and institutional banking. BNP Paribas has implemented a corporate social responsibility approach in all its activities, enabling it to contribute to building a sustainable future, while ensuring the Group’s performance and stability. Societe Generale, one of the leading European financial services groups. Based on a diversified and integrated banking model, the group combines financial strength and proven expertise in innovation with a sustainable growth strategy.
Sumitomo Mitsui Banking Corporation (SMBC), a member of the SMBC Group, a leading global financial group headquartered in Tokyo. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of the SMBC group. “Partnerships like these allow us to achieve our shared goals for a sustainable and profitable energy future,” said Kevin Smith, CEO of the Americas at Lightsource bp. In 2021, Lightsource bp acquired the Driver Solar project that was in development at Acadian Renewable Energy, LLC, a joint venture between affiliates of SunChase Power and Eolian, which initiated development of the project in 2016. “SunChase and Eolian have launched the development of Driver Solar to provide large-scale, non-polluting electricity to Mississippi County, Arkansas, accelerating the decarbonization of the energy supply in the largest steel-producing county in the U.S.,” said Aaron Zubaty, CEO of Eolian.
Driver Solar has many advantages
In addition to the local economic value Driver Solar brings to Mississippi County through its benefits to the steel mill and its expansion, the solar project will create approximately 400 construction jobs, using local labor and subcontractors. But it will also contribute an estimated $1.3 million in property taxes to Mississippi County each year over the life of the project, reduce carbon dioxide emissions by 380,000 metric tons each year, the equivalent of the emissions from more than 82,000 fuel-burning cars. In addition, it will promote biodiversity and sustainability by hosting two Monarch butterfly habitat areas of over 70 acres. Finally, it will increase diversity in the local power grid, which promotes grid resiliency.
Construction has begun and commercial operations are expected to begin by the end of 2024. Moss Construction was selected by Lightsource bp as the engineering, procurement and construction (EPC) contractor for the project and will install more than 650,000 solar panels manufactured by Arizona-based First Solar, as well as smart solar trackers from New Mexico-based Array Technologies. “We are pleased to see Driver Solar and Lightsource bp reach this important milestone,” added David Groberg, co-founder and principal of SunChase Power. “With the tremendous support of landowners and the local community, Northeast Arkansas will be home to a reliable source of cost-effective renewable energy.”
