Lightsource BP Enters Greece; Expands Iberian Portfolio

• Lightsource bp has forayed into the Greek solar market, announcing to co-develop 640 MW with Kiefer TEK
• The Greek local partner secured 140 MW, part of the 640 MW portfolio, in the recent federal auctions
• It will also be investing €900 million to expand its footprint in Portugal, to co-develop more than 1.35 GW capacity with local partner INSUN

British solar power project developer Lightsource bp has formally announced its entry into the Greek solar market with a co-development partnership of 640 MW with a local EPC company called Kiefer TEK. Its local partner was a major winner in the May 2021 Greek renewable energy auction taking home 140 MW, part of the 640 MW portfolio (see Greece: Winners' List For 3^rd Joint RE Auction Out).

Lightsource bp said the average price awarded to its projects in the Greek auction was €0.0385 per kWh or €38.50 per MWh. It believes with this win the auction creates a 'secure foundation' for the company to continue its local growth in the Greek solar market which is 'primarily auction-based'.

With Kiefer TEK, Lightsource bp plans to bring more than 200 MW online over the next 2 years, including the 140 MW won in the auction, with an initial investment of more than €160 million ($195 million). It will sell part of the project capacity to the government at bid pricing, and the remaining uncontracted electricity will be marketed to commercial and industrial (C&I) customers, and sold on the open market.

Expanding its footprint in the Iberian Peninsula, Lightsource bp has announced another co-development partnership in Portugal with a local company called INSUN worth €900 million ($1.1 billion). Over the next 6 years, both the partners will co-develop more than 1.35 GW solar power capacity in Portugal.

All the projects of this 1.35 GW portfolio are currently at an early stage of development in Moura, Castelo Branco, Mogadouro, Chamusca and Viseu regions.

"If Portugal is efficient in quickly adding new solar generation capacity, it will allow decarbonisation to accelerate and contribute more quickly to a decrease in electricity prices," said Country head Portugal at Lightsource bp, Miguel Lobo. "In addition to this, there are opportunities with new technologies such as storage and green hydrogen, which are attracting new investors in the energy value chain, representing a great benefit for our country."

Lightsource bp entered the Iberian region in 2018, and now claims to own more than 3.5 GW across the Iberian Peninsula. In Portugal, it said the company is actively exploring green hydrogen projects.