Lightsource BP seals existence in Spain with 1GW solar portfolio purchase

Jan 21, 2021 12:17 PM ET
  • Lightsource BP has announced its largest European acquisition to date, purchasing a 1,060 MW solar project portfolio in Spain from programmer RIC Energy.
Lightsource BP seals existence in Spain with 1GW solar portfolio purchase
Image: Lightsource BP

Both companies will companion to establish the 14 projects, located approximately Madrid, Andalucían and Castilla y León. The first parks are anticipated to reach ready-to-build status by the end of this year, prior to participating in procedure in between 2022 as well as 2025.

Lightsource BP will function to bring the portfolio to economic close and also secure a contract with a design, procurement as well as construction company. The firm has actually already begun approaching power buyers to bargain cross-border power acquisition agreements for timelines of approximately 10 years.

London-headquartered Lightsource BP claimed the deal underpins its dedication to creating renewable projects in Spain and its more comprehensive global development. The company's Spanish team, based in Madrid, is presently its fastest-growing mainland European procedure.

Having established a presence in Spain in 2018, the business made its initial relocate the market in 2019 with the acquisition of a 300MW solar portfolio in Zaragoza, before obtaining 2 parks with a capability of 100MW in the district of Teruel last year. Both these PV portfolios were bought from renewables programmer Forestalia.

Kareen Boutonnat, CEO of Europe and international at Lightsource BP, stated the most up to date deal seals the company's existence in the Spanish energy market. "Partnering with neighborhood developers allows us to release brand-new projects swiftly and securely, supplying budget-friendly as well as lasting solar energy for companies and areas across the region. We are expecting dealing with RIC Energy and also bringing this portfolio to monetary close."

For RIC Energy, the transaction comes after it marketed 1,369 MWp of Spanish PV projects to Q CELLS last year in two different deals. The Madrid-headquartered company has greater than 3GWp of solar parks in development.

"The entire RIC Energy team is exceptionally satisfied to have efficiently completed this deal with Lightsource BP in record time," stated Jose Luis Moya, CEO of RIC Energy.

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