Lightsource bp enters Polish renewables market with €500m deal

Lightsource bp
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Lightsource bp has announced its first renewable energy projects in Poland.

Lightsource bp has reached an agreement with a local energy company to develop 757MWp of solar energy capacity in Poland.

The nine projects will be developed in the regions of Zachodnio-pomorskie, Lubuskie, Dolnośląskie and Wielkopolskie.

Approximately half of the capacity will begin to be constructed in 2022. The 757MWp projects once complete will power some 363,870 households.

Lightsource bp will invest €500 million ($582 million) to bring the entire pipeline into operation, according to a statement.

Lightsource bp aims to expand its presence in the renewables market and to grab opportunities that are anticipated within the Polish market as the country expands its clean energy market to address climate change. The company is using a $1.8 billion credit facility recently secured to support its new global ambition of developing 25GW of global solar capacity by 2025. 

Although Poland has slowly expanded its renewable energy market, compared to its European counterparts, the country heavily relies on fossil fuels, mainly coal. Today, Poland has deployed 6GW of solar energy capacity and has plans to deploy more.

With the European Union calling for increased deployment of renewable energies including wind, solar and hydrogen energy, vast opportunities are expected in the coming years in Poland. The calls are also putting the Polish government under pressure to accelerate its energy decarbonisation efforts.

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In addition to reducing emissions, expanding renewables deployment is expected to help Poland to create more green jobs and revitalise its economy post-pandemic.

Bogdan Kucharski, the CEO of bp in Poland, said: “Poland is facing huge challenges related to the energy transition by the year 2040; ultimately, the Polish energy sector and the economy will rely mainly on renewable energy sources.

“This is the direction in which we must move, and this is what society expects of us. That is why I am happy that Lightsource bp is going to develop solar energy for Poland, supporting our country’s national renewable energy target. The goal is to significantly contribute to meeting the growing demand for energy from local and low-carbon solutions.”

Lightsource bp plans to sell the clean electricity from the projects on the open market and to large corporations via long-term power purchase agreements.

Vlasios Souflis, International Business Development Director, responsible for Lightsource bp’s global expansion said: “Entering the Polish marketplace is a significant milestone for us, and we have done so with a sizeable portfolio. The scope for growth in solar is huge, as renewables will be required to double their share on the grid in a short space of time.”

Michal Glowacki, Lightsource bp’s Senior Business Development Manager for Poland, Lightsource bp said: “We will focus now on expanding our presence in the country and building on this first deal. Lightsource bp’s goal is to contribute affordable, clean, low-carbon power to Poland’s electricity system at the gigawatt scale.”

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