Lightsource BP to deploy 700MW-plus worldwide with Canadian money

The initial £150m pot could be topped up with further funding over the years (Credit: Lightsource)

Lightsource BP has secured multi-million debt financing to develop a 700MW-plus solar pipeline across the globe.

The firm will roll out over 100 projects with the help of a £150 million (US$194 million) facility from Caisse de dépôt et placement du Québec (CDPQ), an institutional financier investing capital from pension plans in the Canadian province.

In a joint statement, Lightsource BP and CDPQ explained the former will own and manage the solar plants, while the latter could top up the initial £150 million pot with further investments in the future.

Contacted by PV Tech today, a spokesperson from Lightsource BP did not specify which countries will host the 700MW-plus international pipeline, other than confirming it won’t be restricted to European markets; the portfolio already features projects at various development stages.

The solar foray is not the first for CDPQ, which under revised targets must own US$32 billion worth of low-carbon assets by 2020. Since 2016, the Canadian financier has backed Indian deployment through a US$150 million programme, bought a majority stake in Invenergy, invested US$40 million in Sunrun and purchased Enel’s Mexican assets.

For its part, Lightsource has also been busy ramping up activities beyond its original UK base. In the space of a year, the developer has made strides with solar schemes in the US, Iberia, Egypt and pledged to channel US$330 million towards Indian renewables alongside EverSource.

14 September 2022
Join us in London for 2 days as we look at the UK’s new landscape for utility & rooftop solar. Understand the new opportunities within this GW-plus annual market!
15 September 2022
Bifacial PV modules will be the dominant solar PV technology globally within one or two years; in the utility-scale sector, their market share is already above 70%. This webinar will provide a clear view on the successful implementation of bifacial technology, maximizing system performance and minimising LCoE.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

August 15, 2022
German energy company RWE’s onshore renewables business has undergone a dramatic change in fortunes on 2021, with 1H 2022 seeing the unit return to profitability following a poor H1 2021 performance, while during the first half of the year the company invested €2 billion (US$2.04 billion) in the expansion of its green portfolio.
August 15, 2022
The US House of Representatives on Friday passed the Inflation Reduction Act (IRA). The largest climate package in US history will now move to the desk of President Joe Biden, where it is expected to be signed into law as early as today.
August 15, 2022
How can solar PV projects boost their power output and raise profits amid rising module, land and equipment costs
August 11, 2022
German project developer Energiequelle has entered the Polish renewables market with an eye on 30 projects with more than 1GW of capacity.
August 11, 2022
Finlay Colville, Solar Media's head of market research, lays out the UK's path to achieving 40GW+ of solar PV by 2030 after rebounding from recent headwinds in its solar sector
August 10, 2022
OMERS Private Equity has acquired a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event