Lightsource BP Secures Financing For Spanish PV Projects

Lightsource BP Raises Senior Debt Facility Of Undisclosed Amount From NatWest Markets For 250 MW Subsidy-Free Spanish Solar Project Portfolio; EPC Player Prodiel To Deploy Trina Solar Bifacial Modules
04:30 AM (Beijing Time) - 05. February 2020

According to Lightsource BP, the 250 MW solar project cluster, funded by NatWest Markets, on completion will be among Spain’s first few utility scale subsidy-free projects. (Photo Credit: Lightsource BP)

Key Takeaways

  • NatWest Markets joins Lightsource BP for the latter’s 250 MW solar project cluster in Spain with a senior debt facility
  • Construction on the Zaragoza located capacity is expected to start anytime soon and commissioning is scheduled for January 2021
  • Trina Solar is supplying its Trina Pro bifacial solar modules for the project while Power Electronics will be providing its solar inverters and trackers to Prodiel that has been appointed as the EPC provider
  • Around 500 GWh of clean power annually expected to be produced by the cluster will be sold to BP’s European Gas and Power Business under a 7-year PPA

Solar power developer Lightsource BP has secured a senior debt facility for its 250 MW subsidy-free bifacial solar power plant in Spain. NatWest Markets, that in January 2020 provided funding to Solarcentury’s 500 MW PV capacity in Spain, agreed to fund the solar project cluster in Spain’s Zaragoza province with an undisclosed amount.

Lightsource BP has hired EPC player Prodiel to undertake construction activity on site using Trina Solar’s Trina Pro bifacial modules mounted on trackers and inverters from Power Electronics. It expects ground breaking to begin soon and the project to be up and running by January 2021 when the capacity will generate around 500 GWh of clean power annually.

Power generated by the entire capacity will be sold to its majority stakeholder BP’s European Gas and Power (EGP) Business under a 7-year power purchase agreement (PPA).

Lightsource entered the Spanish solar market after it bought rights to a 300 MW PV project portfolio in Zaragoza from Forestalia in October 2019 and said the capacity will be spread across six separate sites and will help the company establish itself in the Iberian region (see Lightsource BP Forays Into Spanish Solar Market).

“We are pleased to be in partnership with BP and NatWest Markets on our first deal in Spain. We have now made our mark on the local market which is another step towards the company’s wider goal of achieving 10 GW in the next five years,” said Lightsource BP’s Chief Investment Officer Paul McCartie.

The British company claims once it is operational, the 250 MW solar project cluster will be one of the country’s first few utility scale subsidy-free projects.   

Currently, Spanish energy giant Iberdrola is working on commissioning what is being touted as the ‘largest’ solar power project in Europe within Q1/2020, the 500 MW DC/391 MW AC Núñez de Balboa Solar Project whose construction phase is over (see Iberdrola’s 500 MW PV Project Closer To Commissioning).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani