Lightsource bp, through its partnership with global developer of PV projects RIC Energy, has acquired a 1.06 gigawatt (GW) project portfolio distributed across Spain.
The two companies will work together to develop the 14 sites across Madrid, Andalucía, and Castilla y León. The first projects are expected to reach ‘ready to build’ status by the end of 2021, with the installations expected to enter operation in stages from 2022 to 2025. Lightsource bp will work to bring the project portfolio to financial close and secure the construction contract with an EPC company.
Lightsource bp has already started approaching renewable energy buyers to propose and negotiate Power Purchase Agreements across Europe (cross-border PPA), for timeframes of up to 10 years.
The company established a presence in the region in late 2018, and since then has worked with local partners to extend its position in the market, focusing on the acquisition and co-development of large-scale ground mounted subsidy-free solar sites.
The announcement follows the acquisition and construction of a 250 MW portfolio in Zaragoza and the acquisition of a 100 MW portfolio in Teruel, both acquired from Forestalia in 2019 and 2020 respectively. The team, based in Madrid, is currently Lightsource bp’s fastest-growing mainland European operation, going from six employees in June 2019 to 48 now, with a further 11 openings.
“This is our largest European acquisition to date, adding 1GW to Lightsource bp’s current pipeline and further cementing our presence in the Spanish energy market” said Kareen Boutonnat, CEO of Europe and International at Lightsource bp. “Partnering with local developers enables us to deploy new projects quickly and safely, providing affordable and sustainable solar power for businesses and communities across the region. We are looking forward to working with RIC Energy and bringing this portfolio to financial close”
Felipe Arbelaez, senior vice president zero carbon energy, bp, added that, once in operation, the project will bring zero carbon energy to many Spanish businesses and homes.
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