Lightsource bp, the solar power arm of oil and gas major bp, has sold a 294MW solar portfolio in Italy to asset manager EOS Investment Management Group.
The portfolio consists of six solar greenfield projects and is either permitted or in the late stages of development with construction expected to begin in the next 12 months. The projects include various agrivoltaics initiatives, with projects designed to host honey production, the plantation of local crops and sheep grazing.
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Both companies did not disclose the amount of the transaction.
Lightsource bp said the transaction will enable it to reinvest in the Italian market, adding that its 30 local staff members are progressing over 1GW of mature solar project opportunities and a substantial energy storage pipeline in Italy.
After the transaction, EOS Investment Management Group will increase the capacity of its assets – either operational or under construction – under the EOS ReNewable Infra Fund II to over 370MW, and a portfolio of projects close to being permitted totalling 600MW of capacity.
Lightsource bp sold other assets recently, such as a 1GW solar portfolio in Australia to Beijing Energy International Australia, the local subsidiary of Chinese clean energy firm Beijing Energy, in December 2023.
The portfolio consists of five projects, three of which are currently in operation: the Wellington and West Wyalong facilities in New South Wales, and the Woolooga project in Queensland, which have a combined solar capacity of 521MW. The other two projects, the Wellington North and Wunghnu facilities, are under construction, and Lightsource bp expects them to begin commercial operation in the second half of 2024.
Earlier, Lightsource bp’s parent company bp agreed to acquire the remaining stake of 50.03% in Lightsource bp from the company’s founders, management and staff at a base equity value of £254 million (US$320.96 million).