Solar developer Lightsource BP has secured debt financing from NatWest Markets to fund its 250MW solar project cluster in Spain.

Once operational, the solar project will be one of the first utility scale subsidy-free projects in the country, Lightsource BP said.

Lightsource BP has also signed a 7-year power purchase agreement with BP’s European Gas and Power (EGP) Business for the entire electricity generated by the solar facility.

When completed, the solar project will be able to generate nearly 500GWh of clean and renewable electricity annually.

Lightsource BP chief investment officer Paul McCartie said: “The speed at which we have brought this deal together is a huge testament to what Lightsource BP can bring to the Spanish Energy Market. Working out of Madrid, we have a very capable team that can manage the entire lifecycle of projects from development and financing through to asset management and operations.

“We are pleased to be in partnership with BP and NatWest Markets on our first deal in Spain. We have now made our mark on the local market which is another step towards the company’s wider goal of achieving 10GW in the next five years”

The 250MW solar project is expected to come online by next January

Construction of the solar project is about to begin and Lightsource BP has appointed Prodiel, an Andalusia-based EPC contractor to build the project. The solar plant is expected to come online by next January.

The company has selected Trina Pro’s bifacial solar modules and trackers with inverters from Power Electronics. The combination is expected to allow the site to be operated at maximum efficiency, boosting the levels of energy production.

In December last year, UK-based oil and gas major BP agreed to increase its stake in solar energy developer Lightsource BP to 50% from 43%. The transaction is expected to support the solar energy developer’s aim to achieve 10GW of built assets by the end of 2023.