Lightsource BP signs financing, goes bifacial-plus-trackers for Spain debut

NatWest Markets is to provide a senior debt facility to Lightsource BP that underwrites the project’s entire financing needs, enabling the developer to progress on a 250MW-strong cluster of projects in Zaragoza that it acquired last year.

That deal was for 300MW, and PV Tech understands that the remaining 50MW tranche will be financed under a separate deal with construction to start later this year.

Paul McCartie, chief investment officer at Lightsource BP, lauded the speed at which the financing package had been put together, citing it as a “huge testament” to what the firm can bring to Spain’s rapidly developing solar market.

“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,” he said.

The cluster is backed by a seven-year power purchase agreement it has signed with BP European Gas and Power, which counts among the oil and gas giant’s energy supply and trading arm.

Lightsource BP has also appointed Andalusia-based Prodiel as the EPC for the project cluster.

Trina Pro bifacial panels are to be used alongside Power Electronics trackers and inverters, with Lightsource BP arguing the combination would allow for the site to operate at “maximum efficiency” while boosting energy production.

It is intended that the projects will come onstream in January 2021.

Lightsource BP is one of a growing number of big names targeting Spain’s thriving solar market, alongside the likes of utility giant Iberdrola – which last month toasted the completion of “Europe’s largest” solar plant in the country –European solar stalwart Solarcentury and IPP Solaria.