Solar developer Lightsource BP has acquired a 100MW solar portfolio in Teruel, Spain from renewables firm Forestalia for an undisclosed sum.
Comprising two utility scale solar plants in Calamocha and Cuevas de Almudén, Lightsource BP has purchased the sites at late stage development.
Under the terms of the sale, both parties will work closely together to progress the projects until they reach financial close and begin construction.
It is estimated that the projects will create around 300 local construction jobs as well as some long-term operational engineering roles that will be confirmed at a later stage.
The partnership has already brought to fruition a 250MW solar portfolio in the province of Zaragoza which was announced late last year and marked Lightsource BP’s entry into the Spanish market.
That cluster is now in final stages of construction and due to begin operations towards the end of 2020.
The energy generated has been sold to BP’s European Gas and Power (EPG) business, part of the Group’s supply and trading business, via a seven year PPA.
Lightsource BP CEO for Europe and International Kareen Boutonnat said: “It’s very exciting to continue building on our co-development partnership with Forestalia and adding a further 100MW to our portfolio in Spain.
“Working with local partners is an essential business model for Lightsource BP.
“It enables us to widen our reach quickly but also build upon the really great work already being done at a local level.”
Forestalia president Fernando Samper added: “This new agreement with Lightsource BP guarantees very important investments for the province of Teruel, as the plants will create jobs in a territory that needs new opportunities for the future.”
MAIO Legal, Uría Menéndez, WSP and Garrigues advised Forestalia and Lightsource BP on transaction.