Lightsource BP has acquired a 78MW solar project from EGI in Sicily through a co-development agreement.
The company will work in partnership with EGI to bring the project to ready-to-build status, having recently filed a comprehensive permit granting authorisation on environmental and planning matters.
Lightsource BP then plans to continue to progress the project to financial close and begin construction in 2022, with an expectation for the site to become operational in 2023.
The project is the first in a substantial exclusive pipeline already secured with EGI.
To date, Lightsource BP has acquired over 100MW in Sicily and aims to continue to grow its presence in the region.
This partnership adds to a series of recently completed transactions, securing 11 utility scale solar projects across southern Italy, with a total capacity of over 350MW.
With this latest acquisition Lightsource BP has secured a 1.2GW pipeline of high-quality solar projects at various stage of development across six regions in Italy.
The sites in this geographically balanced portfolio have been carefully chosen with specific attention to their impact on surrounding areas, incorporating environmental mitigation strategies to ensure local support.
Looking ahead, the Italian team’s focus will expand to include the central and northern regions of Italy, as well as earlier stage projects.
Lightsource BP’s head of business development in Italy Giovanni Mascari said: “This acquisition further cements the key role Italy plays in our European growth strategy.
“Creating a 1.2GW pipeline in just two years across a fragmented energy market like Italy showcases our commitment to becoming one of the top solar players in the country.
“Our experience enables us to carefully select our co-development partners, sharing with them valuable expertise and capability to ensure that we have the best possible chance of getting each site through the authorisation process, and successfully completed.”