Pointe Coupee solar farm to split $267 million Wells Fargo investment

Jan. 18—Wells Fargo & Company will make a $267 million tax equity investment in two solar farms, one of which is under construction near New Roads.

Lightsource bp, the San Francisco company behind the Oxbow Solar project, announced the Wells Fargo funding Wednesday. The money will go to Oxbow and an Arkansas solar farm also under construction.

Under the deal, Wells Fargo will provide money for the solar projects in exchange for the right to claim the available tax credits.

Mary Grikas, a spokeswoman for Lightsource bp, said tax equity investments were already part of the plan to pay for the solar farms and the investments complement the $533 million financing package that closed in December 2021.

"Nothing new relative to the projects' economics or schedule — except it's great to have a Fortune 500 bank invest in the project," Grikas said in an email.

Oxbow Solar, which had been called Ventress Solar, is a 346-megawatt facility being built on 2,732 acres off Ventress Road. The solar farm will sell renewable power to McDonald's and eBay.

Lightsource bp expects the project will provide $30 million in increased tax revenue to Pointe Coupee Parish. The company also estimates the clean energy generated will curb more than 450,000 metric tons of greenhouse gas emissions annually, or the equivalent of 99,000 fuel-burning cars.

The first phase of the solar farm is expected to come online at the end of the year, with the rest opening in 2024.

Work on the solar farm is expected to create 400 construction jobs.

Oxbow is one of the largest solar projects in Lightsource bp's portfolio. Lightsource is a subsidiary of energy giant BP.

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