The company will advance the project to financial close and commence construction in 2022
Solar energy projects developer Lightsource BP has acquired 78MW solar project in Italy from Sicily-based renewable energy developer EGI.
Under a co-development agreement, the two companies will work together to bring the project to ready-to-build status.
The companies have also filed for PAUR, which is a comprehensive permit granting authorisation on environmental and planning matters.
Lightsource BP will continue to advance the project to financial close and commence construction in 2022.
The project, which is expected to commence operations in 2023, is the first of a significant exclusive pipeline already secured with EGI.
To date, Lightsource BP has purchased more than 100MW in Sicily and intends to expand its presence in the region
With a total capacity of more than 350MW, the Lightsource BP and EGI partnership has already secured 11 utility scale solar projects across southern Italy.
The latest acquisition takes the total capacity of the solar projects secured by Lightsource BP to 1.2GW pipeline, which are at various stage of development across six Italian regions.
Lightsource BP Italy business development head Giovanni Mascari said: “This acquisition further cements the key role Italy plays in our European growth strategy. Creating a 1.2GW pipeline in just 2 years across a fragmented energy market like Italy showcases our commitment to becoming one of the top solar players in the country.
“Our experience enables us to carefully select our co-development partners, sharing with them valuable expertise and capability to ensure that we have the best possible chance of getting each site through the authorisation process, and successfully completed.”
Recently, Lightsource BP has acquired an 845MW solar portfolio in Spain for an undisclosed fee.
The assets, which were acquired from Madrid-based Iberia Solar, consists of five sites across Castilla la Mancha and Castilla y León.
With the acquisition, the company has expanded its presence in the country to 2.25GW.