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| Thu, 9th Apr 2020 14:31:00 |
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Lightsource BP Wins Solar Project That Would Double Large-Scale Capacity in Arkansas |
Lightsource BP, the U.K.-based solar developer backed by BP, secured a power-purchase agreement for a 132-megawatt solar project in Arkansas that would nearly double that state's utility-scale capacity, currently at 147 megawatts.
Municipal utility Conway Corporation will use power from the project, called Happy Solar, which is slated for commercial operation in 2022.
The project — finalized from the living rooms and home offices of company executives as a result of the coronavirus pandemic — shows that deals are still getting done in the U.S. solar market, even as the economy takes a significant downturn.
For Lightsource, the project suggests a growing interest in engaging with smaller, more local utilities. Those types of deals often involve more collaboration, Kevin Smith, Lightsource's CEO for the Americas, told GTM.
"The bigger utilities have done dozens and dozens of renewable energy contracts, so it's a little bit more business-as-usual. They have their procedures and policies and contract structures," he said. "In reality, it's a little bit more fun working with some of the co-ops and municipals that are new to the renewable energy sector."
Lightsource is looking toward new geographies — everywhere east of Colorado — and new power offtakers as solar prices drop. Last year, the developer signed a deal for a 130-megawatt project with the Alabama Municipal Electric Authority, a cooperative utility with 11 municipal members in the state.
"The midsize groups, like Conway, like AMEA — there's a lot more interface because the projects are groundbreaking for them," said Smith.
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