Lightsource BP snaps up 845MW Spanish solar pipeline

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Lightsource BP’s solar project in Zaragoza, Spain. The company has added close to 2GW of developments to its pipeline in two months, Image: Lightsource BP

Lightsource BP has added another 845MW to its solar development pipeline by acquiring a PV project portfolio from local developer Iberia Solar.

The capacity is spread across five sites, set to be built across the regions of Castilla la Mancha and Castilla y León. Lightsource BP and Iberia, which is funded by Asterion Industrial Partners, will collaborate to bring the pipeline to a “ready-to-build” status, according to a statement from Lightsource BP, which the energy company will then takeover and commence construction next year.

Lightsource BP is rapidly scaling up its presence in the Spanish solar sector, which has become increasingly competitive in recent years with the emergence of a subsidy-free market alongside new capacity auctions. Kareen Boutonnat, chief executive of Europe and international at Lightsource BP, said the new portfolio acquisition is “a clear demonstration that we came here to stay, and we are in an outstanding position to consolidate our foothold in Spain even further this year.”

Lightsource BP currently has a total of 2.25GW of projects in its Spanish development pipeline.

“Our Madrid-based team is currently Lightsource BP’s fastest-growing mainland European operation,” Boutonnat added, “and we’re actively recruiting to build out our presence.”

The renewables group is in the process of purchasing another, 1,060MW solar project portfolio in Spain from RIC Energy, its largest European acquisition to-date.

Lightsource BP first made a move in the Spanish market with the purchase of a 300MW solar portfolio in Zaragoza in 2019, before acquiring two parks with a capacity of 100MW in Teruel last year. More recently, the company was among 32 bidders who were awarded capacity in a heavily oversubscribed 12-year Contract for Difference auction last month. With this latest deal with Iberia Solar, Lightsource BP has added close to 2GW of solar projects to its development pipeline in less than a month.

Iberia Solar is a local developer funded by Asterion Industrial Partners, an infrastructure investment platform, through its Energies Platform. The investor raised €1.1 billion (US$1.33 billion) at the close of its debut funding round last month, called Asterion Industrial Infrastructure Fund I, making it Spain’s largest private equity fund. The fund also revealed last month it had acquired UK-based low carbon energy group AMP Clean Energy for £63 million (US$87.8 million).

Jesus Olmos, chief executive of Asterion Industrial Partners, said the energy group has built up its development portfolio over the past two years to comprise of more than 4.5GW of future wind and PV capacity in Spain, France and Italy.

“We are excited about the ability to rotate certain assets to allow the company to continue financing its development and construction activities, while minimising risk,” Olmos said, adding that the Iberia Solar team “have been instrumental in the development and divestment of this first portfolio of high-quality PV projects.”

Read Next

PV Tech Premium
September 24, 2021
Concerns have been raised that new measures introduced by Spain’s government to limit windfall profits of renewable energy plants could dent investor confidence and impact the stability of the country’s solar sector.
September 23, 2021
A project that bids to combine up to 20GW of solar PV with the world’s largest energy storage battery and a 4,200km-long subsea power cable has moved a step forward after Indonesian authorities greenlit its proposed transmission cable route.
September 23, 2021
Arizonan utility Salt River Project (SRP) and renewables company Clēnera have signed a 20-year power purchase agreement (PPA) for the CO Bar Solar project that is expected to deliver between 440-480MW of power
September 20, 2021
Lightsource BP has increased its solar deployment target to 25GW by 2025 after securing a US$1.8 billion financing facility that will help fund its global expansion.
September 17, 2021
US utility company Dominion Energy Virginia has proposed 15 new energy projects totalling 1GW of power for the state, which Dominion Energy claimed was the largest group of projects to be submitted to the Virginia State Corporation Commission (SCC)
September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021