Lightsource BP cements presence in Spain with 1GW solar portfolio acquisition

A Lightsource BP solar project currently under construction in Zaragoza, Spain. Image: Lightsource BP.

Lightsource BP has announced its largest European acquisition to date, purchasing a 1,060MW solar project portfolio in Spain from developer RIC Energy.

The two companies will partner to develop the 14 projects, located in the regions of Madrid, Andalucía and Castilla y León. The first parks are expected to reach ready-to-build status by the end of this year, before entering into operation between 2022 and 2025.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Lightsource BP will work to bring the portfolio to financial close and secure a contract with an engineering, procurement and construction company. The firm has already started approaching energy buyers to negotiate cross-border power purchase agreements for timelines of up to ten years.

London-headquartered Lightsource BP said the deal underpins its commitment to developing renewable projects in Spain and its broader international expansion. The firm’s Spanish team, based in Madrid, is currently its fastest-growing mainland European operation.

Having established a presence in Spain in 2018, the company made its first move in the market in 2019 with the purchase of a 300MW solar portfolio in Zaragoza, before acquiring two parks with a capacity of 100MW in the province of Teruel last year. Both these PV portfolios were bought from renewables developer Forestalia.

Kareen Boutonnat, CEO of Europe and international at Lightsource BP, said the latest deal cements the company’s 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.”

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

“The entire RIC Energy team is extremely satisfied to have successfully completed this transaction with Lightsource BP in record time,” said Jose Luis Moya, CEO of RIC Energy.

Read Next

June 18, 2024
Soltec has published its financial results for the first quarter of 2024, which include revenues of €121 million (US$130 million).
May 29, 2024
Spanish inverter manufacturer Ingeteam will supply its products to a 250MW solar PV project from fellow Spanish solar project developer Grenergy.
May 28, 2024
BayWa r.e. has commissioned its first agriPV project in Spain, and has signed a power purchase agreement (PPA) with the Velux Group.
May 24, 2024
Solar project developer Recurrent Energy has secured a €674 million (US$730 million) revolving credit facility to expand its European solar and battery energy storage system (BESS) portfolio.
May 21, 2024
US renewable energy company RWE Clean Energy has acquired 400MW of Solar PV and 199MW of standalone battery energy storage system (BESS) assets from Galehead Development.
May 20, 2024
Avintia Energía plans to build an 850MW portfolio of greenfield solar projects with Italian oil giant Eni's subsidiary Plenitude in Spain.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia