Lightsource BP has entered into a co-development partnership with Portuguese company Insun for five utility-scale solar farms that will add over 1350MW of new capacity in Portugal.
The projects are in the early development stage and will be located in the regions of Moura, Castelo Branco, Mogadouro, Chamusca and Viseu.
Lightsource BP said its investment into the solar projects also includes local job creation, procurement of local services, infrastructure improvements, biodiversity enhancements and community initiatives.
Lightsource BP country head Portugal Miguel Lobo said: “Solar is ideally placed to meet Portugal’s rapid expansion plans on growing its local renewable energy generation capacity as it has excellent irradiation levels, it is quick to deploy, and low-cost.
“If Portugal is efficient by adding new solar generation quickly, it will accelerate decarbonization and it will contribute to reduce electricity prices.
“There really is so much potential for solar within the energy mix.
“In addition, there are also opportunities with growing technologies like storage and green hydrogen that are attracting new investment players across the energy value chain, and that is a huge benefit to our country.
“We will be developing these projects in partnership with local municipalities and communities.
“There are lots of additional economic opportunities to explore in addition to the renewable energy generation and local feedback will help shape our projects to local priorities”
BP head of country for Portugal Pedro Oliveira said: “I am delighted that Lightsource BP will be developing clean and affordable solar energy for Portugal, supporting the national ambition to reach our 2030 renewable energy target.
“BP is committed to continue to support the transition to a lower carbon world, and to reach net zero by 2050 or sooner.”
Insun chief executive Henrique Rodrigues said: “Attracting a partner of Lightsource BP’s experience and track record is an endorsement of the quality of these five projects.
“Solar has a huge role to play in Portugal’s energy transition. The scale of this deal should demonstrate just how big that opportunity truly is.
“As a local company it will be hugely rewarding to collaborate with an international solar major and bring 1.35GW of clean energy online in Portugal.”