JERA Nex secures first major acquisition
JERA Nex, JERA’s global renewable energy business, has acquired two US solar projects totalling 395 MW AC from Lightsource bp, a global leader in the development and management of solar energy and energy storage projects.
The transaction, which has received all regulatory approvals, is the first made by JERA Nex since its launch in April and brings the first US solar assets in its portfolio: the 300 MW Oxbow solar farm in Louisiana (the largest in the state), and the 95 MW Happy solar farm in Arkansas. Lightsource bp worked closely with local communities to develop both sites.
Both projects are in commercial operation and delivering renewable energy to their customers: The Happy project has a long-term power purchase agreement (PPA) with Conway Corp., the city-owned utility system in Conway, Arkansas. Oxbow has long-term PPAs with corporate customers including eBay.
“We are delighted to take our first step into the US solar market with the acquisition of these projects. This first transaction since our recent launch is an indication of our ambitious plans to scale onshore and offshore renewables for a sustainable future; we hope to build a broader onshore renewables portfolio in the US and globally,” said Richard Scott, VP for Development and Construction Onshore at JERA Nex. “Lightsource bp has an excellent reputation for delivering high quality solar farms and that is exactly what we have acquired with Oxbow and Happy. We look forward to working with the local communities and customers to provide clean and sustainable energy in the years to come.”
As part of the agreement, Lightsource bp will continue to provide asset management and O&M services to JERA Nex, ensuring continuity and a smooth transition for the local community and customers.
“It was very important to Lightsource bp to find a reliable and like-minded partner for projects that are integral to the local community,” commented Emilie Wangerman, Chief Operating Officer of Lightsource bp US. “We are proud of the successful development of these solar farms and confident that they will continue to thrive under the stewardship of JERA Nex. Lightsource bp’s involvement in their operations through asset management services will further enable a seamless experience for our important project partners.”
“The team at JERA Americas began working with Lightsource bp last year to help drive JERA’s net zero ambition, and we are delighted to have brought this transaction to a successful conclusion,” added John O’Brien, Chief Operating Officer of JERA Americas, JERA Co.’s Houston-based US subsidiary. “We will continue to work with JERA Nex and other partners to seek new renewable energy opportunities.”
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