Lightsource bp will undertake the responsibility of bringing the project portfolio to financial closure
UK-based solar developer Lightsource bp has acquired 1.06GW project portfolio distributed across Spain, from PV projects developer RIC Energy.
The two companies have agreed to work in partnership to develop the 14 sites across Madrid, Andalucía, and Castilla y León.
The initial projects are anticipated to reach ‘ready to build’ status by the end of 2021, with the installations expected to enter operation in different stages, from 2023 through 2025.
Lightsource bp will undertake the responsibility of bringing the project portfolio to financial closure and securing the construction contract with an EPC company.
The company said that it is already approaching renewable energy buyers to propose and negotiate Power Purchase Agreements across Europe, for timeframes of up to 10 years.
Lightsource bp Europe and International CEO Kareen Boutonnat said: “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.
“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.”
Lightsource bp said that the transaction underlines its commitment to develop renewable energy projects in Spain, and its international expansion.
The company has been working with local partners, since it established its footprint in the region in late 2018, to extend its position in the market, and focus on large-scale ground mounted subsidy-free solar sites.
Prior to the current announcement, Lightsource bp has acquired a 250MW portfolio in Zaragoza in 2019, and a 100MW portfolio in Teruel in 2020, both from Forestalia.
RIC Energy CEO Jose Luis Moya said: “The entire RIC Energy team is extremely satisfied to have successfully completed this transaction with Lightsource bp in record time.
“All of our efforts from now on will focus not only on meeting our contractual commitments but on trying to exceed Lightsource bp’s expectations, to enable us to offer high value-added products and services that deepen, expand and develop a long-term, mutually beneficial relationship.”