The solar portfolio include six separate sites, which will be financed by Lightsource BP’s innovative structures
Global solar PV capacity is set to increase dramatically in the next decade (Credit: Lightsource BP)
UK-based solar developer Lightsource BP has acquired a 300MW solar portfolio in Spain from Forestalia, a Spain-based renewables developer.
Financial terms related to the deal were not disclosed. The portfolio features six separate sites, which will be financed by Lightsource BP’s innovative structures.
The company is planning to negotiate power purchase agreements (PPAs) with the renewable energy buyers across the region for the solar portfolio, to provide cost visibility and security for timeframes of up to 30 years.
The deal marks Lightsource BP entry into Iberian power market
The acquisition of solar portfolio marks Lightsource BP’s entry into the Iberian power market.
Lightsource BP CEO Nick Boyle said: “This acquisition not only marks our first transaction in Spain but is also a further milestone in our global ambition to achieve 10GW by 2023.
“Through our unique ability and extensive project experience and global supply chain optimisation, the development of these permitted sites will enable us to establish a presence in the Iberian market and provide a secure, reliable source of renewable energy to corporate and utility customers across the region.”
The project pipeline, which has administrative and environmental authorisations in place, is expected to enable the company to accelerate growth in the region.
Forestalia group president Fernando Samper Rivas said: “This agreement will enable the development of solar projects of enormous significance for the Aragonese rural environment.
“Renewable energy creates jobs and generates development in rural areas, which are in-need of investment and stimulation”.
In July, Lightsource BP acquired approximately 2GW of solar projects, in various development stages, in Brazil from Enerlife, a Latin American independent renewables developer.
Through the deal, Lightsource BP expected to enhance its portfolio and establish itself as a major player in the Latin American market.
Founded in 2010, Lightsource has operations across EMEA, APAC and the Americas.