Lightsource BP company announced that it has successfully completed the financing package of $380 million for Elm Branch and Briar Creek solar projects in Texas, a statement published by BP stated.

Elm Branch will provide energy capacity of 163 megawatts and Briar Creek will provide 153 megawatts which will replace greenhouse gas emissions by a total of 370,000 metric tons of carbon dioxide per year.

Kevin Smith, CEO of the Americas, Lightsource bp, said that “Despite challenges posed with COVID-19, Lightsource bp reached financial close on over $1.2 billion in transactions in the US in 2020, a substantial increase from 2019.”

The company added that the tax equity financing for the projects was secured from Bank of America and its debt for the facilities was provided by ING Capital LLC and Societe Generale noting that the balance of the equity requirements will be provided by Lightsource BP.