Lightsource BP Expands Spanish Portfolio By 845 MW

• Lightsource bp has acquired 845 MW solar power portfolio in Spain from Iberia Solar
• It will come up across 5 sites in Castilla la Mancha and Castilla y Leon regions
• Both the companies will bring the portfolio to ready-to-build stage post which Lightsource bp will arrange financing and manage construction
• It takes the company's total Spanish portfolio of under development or under construction projects to 2.25 GW

British solar power project development company Lightsource bp has expanded its solar power portfolio in Spain with the acquisition of a portfolio of 845 MW it has acquired from a group company of independent investment management firm Asterion. Financial terms of the deal were not disclosed.

Iberia Solar, the local solar developer and part of the Asterion Energies Platform, will work in partnership with Lightsource bp to bring this portfolio to ready-to-build stage. The British company said it will then lead the projects to financial close and begin construction in 2022. The portfolio is spread across 5 sites in Castilla la Mancha and Castilla y Leon.

With this capacity under its wings, Lightsource bp now has 2.25 GW of projects under development or under construction in Spain. Since the beginning of 2021, it has already acquired more than 1.9 GW capacity globally, the company shared, following the acquisition of 1.06 GW portfolio from RIC Energy in Spain (see Lightsource BP Invests In 1 GW Solar Capacity in Spain).

It was also one of the winners in the 1^st renewable energy auction of Spain under the country's new Remuneration Framework (see €0.01489/kWh Lowest Winning Tariff In Spanish RE Auction).

Spain is then clearly on Lightsource bp's mind as its CEO of Europe and International Kareen Boutonnat said, "This deal brings our total acquisitions to almost 2 GW in 2021 alone. This is a clear demonstration that we came here to stay, and we are in an outstanding position to consolidate our foothold in Spain even further this year. Our Madrid-based team is currently Lightsource bp's fastest-growing mainland European operation, and we're actively recruiting to build out our presence."

The solar power arm of BP is not alone in its Spanish pursuit as there are many other local and international companies equally interested in deepening their presence in this star solar PPA market of Europe. Recently, Solaria Energia declared a 18 GW solar PV capacity goal for 2030 in Spain, Portugal and Italy with 10 GW to come up in Spain alone (see Spanish Solar Developer Aims For 18 GW Capacity By 2030).