- Briefing Room
|Honeysuckle Solar Project, St. Joseph County, Indiana
Olive Township, St. Joseph County, Indiana
|Project Sponsor / Borrower
|Value Capture Techniques
Asset Recycling, Right-of-Way Use Agreements, Solar Energy Use,
The $164 million solar farm nicknamed “Project Honeysuckle” is on a 1,900-acre plot of farmland near U.S. 20 and Spruce, Tamarack and Darden roads, just east of New Carlisle. The Lightsource BP, a multinational developer of solar projects, has proposed the $165 million project, which would equip a site near the St. Joseph County town of New Carlisle with 407,000 solar panels. The solar farm would produce about 150 megawatts of electricity per year, or enough to power more than 25,000 homes.
The project would lease land from nine property owners, and that Lightsource has 30-year lease agreements and options to extend those an additional 20 years. Lightsource BP will finance, build, own, operate and maintain the solar projects with private capital. The project is not being funded by Indiana residents.
To make the project economically feasible, the county plans to create a tax increment financing district, or TIF, that would allow it to provide financial incentives to the developers. The project is also expected to generate tens of millions in new tax dollars for the area.
During the operational life of the project, Lightsource BP will have an annual operations budget to maintain the facility and the land. As a long-term owner and operator of the project, Lightsource BP has a significant financial interest to maintain maximum energy production, which involves keeping the vegetation tidy to keep it from interfering with the trackers or shading the panels. It also includes an agreement to use the land in between solar panels for pollinator gardens which help bees.
|Project Delivery / Contract Method
Build, Own, and Operate
|Project Advisors / Consultants
|Duration / Status
The project is expected to take between 12 and 18 months to complete.
|Financial Status/Financial Performance
|Related Links / Articles
Bill Schalliol, Economic Development Executive Director
Chris Brown, Economic Development Specialist
Darrin Jacobs, development manager for Lightsource BP.Darrin.Jacobs@lightsourcebp.com