Europe, Renewables, Solar, Strategic Development

Lightsource BP enters Iberian market via 300 MW deal with Forestalia

Solar developer and operator Lightsource BP has acquired a 300 MW project portfolio from renewables firm Forestalia, in the province of Zaragoza, Spain.

The project pipeline, which already has administrative and environmental authorisations, marks London-headquartered Lightsource BP’s entry into the Iberian power market and forms part of the company’s global vision to accelerate low-carbon transition.

Lightsource BP – formed in 2017 with global energy giant BP’s investment in solar firm Lightsource – established a presence in Iberia less than a year ago and has since been working with local partners to create a foothold in the local energy market, focusing on the acquisition and co-development of large-scale ground mounted solar sites.

While the company continues to develop green-field sites, the acquisition of permit-ready projects such as these are vital to accelerate growth in the region.

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The projects – totalling 300 MW of solar over six separate sites – will be financed via Lightsource BP’s innovative structures. The team will negotiate Power Purchase Agreements (PPAs) with renewable energy buyers across the region, providing cost visibility and security to corporations for time frames of up to 30 years.

Nick Boyle, group CEO, Lightsource BP comments: “This acquisition not only marks our first transaction in Spain but is also a further milestone in our global ambition to achieve 10 GW by 2023. Through our unique ability and extensive project experience and global supply chain optimisation, the development of these permitted sites will enable us to establish a presence in the Iberian market and provide a secure, reliable source of renewable energy to corporate and utility customers across the region.”

Fernando Samper Rivas, president of the Forestalia Group, said: “This agreement will enable the development of solar projects of enormous significance for the Aragonese rural environment. Renewable energy creates jobs and generates development in rural areas, which are in-need of investment and stimulation”.