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.
Mar 10 - Mar 12, 2021
Penang, Malaysia (also available virtually)
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.