Lightsource bp has secured funding from UK, Spanish and Italian banks to continue to expand its portfolio of solar energy projects in Spain.
The €52 million ($61.7 million) loan secured from Natwest, Santander, Sabadell, and Intesa Sanpaolo will enable Lightsource bp to begin constructing two 49.5MWp solar energy projects in Aragon.
The Barrica solar energy projects will enable the creation of 300 construction jobs and will include the installation of 200,000 bifacial panels mounted on single-axis trackers that optimise energy generation by tracking the movement of the sun. Local engineering specialist Grupotec has been selected as the EPC (Engineering, Procurement, Construction) contractor.
Once complete in 2022, the projects will produce enough electricity to power 45,890 households and reduce carbon emissions by 59,474 tonnes.
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The two projects were acquired from local development partner Forestalia in August last year. The projects will provide power to bp’s European power trading arm following the signing of power purchase agreements with Lightsource bp.
Fernando Roger, Lightsource bp´s Country Head for Spain, said: “Lightsource bp is building momentum at pace and at scale in Spain, which is a testament to our experience and track record in execution. We’re focussed on converting our substantial and continuously growing pipeline into high-quality solar projects, providing value for investors, communities and offtakers.”
He said the company has “closed this deal whilst commissioning 247MW Vendimia project, taking our Spanish pipeline beyond 3GW and submitting a winning bid in the government auction. We’re actively expanding this successful team as we accelerate Lightsource bp’s contribution to the Spanish energy transition.”
Lightsource bp will be investing €2 billion ($2.3 billion) to expand its renewable energy business in Spain over the next five years.