Lightsource BP has acquired a 1000MW solar photovoltaic project portfolio distributed across Spain from developer RIC Energy.
Lightsource BP and RIC Energy will work in partnership to develop the 14 sites across Madrid, Andalucia, and Castilla y Leon.
The first projects are expected to be construction-ready by the end of 2021, with the installations expected to enter operation in stages from 2022 to 2025.
Lightsource BP will work to bring the project portfolio to financial close and secure the construction contract with an EPC company.
Lightsource BP said it has started approaching renewable energy buyers to propose and negotiate cross-border power purchase agreements (PPAs) across Europe, for timeframes of up to 10 years.
The solar PV developer and operator established a presence in Spain in late 2018, and since then has worked with local partners to “extend its position in the market”, through acquiring and co-developing large-scale ground mounted subsidy-free solar sites.
This announcement follows the acquisition and construction of a 250MW portfolio in Zaragoza and the acquisition of a 100MW portfolio in Teruel, acquired from Forestalia in 2019 and 2020 respectively.
The team, based in Madrid, is Lightsource BP’s fastest-growing mainland European operation, going from six employees in June 2019 to 48, plus additional recruitment opportunities.
Lightsource BP Europe and international CEO Kareen Boutonnat said: “This is our largest European acquisition to date, adding 1GW to Lightsource bp’s current pipeline and further cementing our presence in the Spanish energy market.
“Partnering with local developers enables us to deploy new projects quickly and safely, providing affordable and sustainable solar power for businesses and communities across the region. We are looking forward to working with RIC Energy and bringing this portfolio to financial close.”