- Lightsource BP has acquired 1.06 GW solar PV capacity from RIC Energy in Spain
- Located in Madrid, Andalusia and Castilla y Leon, the portfolio are set to reach ready-to-build status by the end of 2021
- Lightsource BP is actively looking for potential renewable energy buyers and even exploring Europe-wide PPAs to sell power from these projects
British solar power developer Lightsource BP has made its largest acquisition in Europe to date with the decision to acquire a portfolio of 14 solar power plants in Spain representing 1.06 GW capacity from RIC Energy and is already looking for potential renewable energy buyers ‘to propose and negotiate Europe-wide’ power purchase agreements or cross-border PPAs. These PPAs will have a duration of up to 10 years, it stated.
The projects acquired from RIC Energy are spread across Madrid, Andalusia and Castilla y Leon. Both the companies are to collaborate to develop the projects together aiming for the initial portfolio to reach ready-to-build status by the end of 2021. The entire capacity under the transaction is expected to come online in phases between 2022-2025 after funding is secured and construction contracts signed with an EPC company by the British developer.
“This is our largest acquisition in Europe to date, adding 1 GW to the Lightsource BP pipeline and further consolidating our presence in the Spanish energy market. Partnering with local developers. It allows us to execute new projects quickly and safely, providing affordable and sustainable solar energy for companies and communities throughout the region,” said Kareen Boutonnat, Lightsource BP CEO Europe and International. “We are looking forward to working with RIC Energy and closing the financing of this portfolio of projects.”
This move of Lightsource BP follows its previous acquisition and construction of 250 MW capacity in Zaragoza, and purchase of 100 MW portfolio in Teruel from Forestalia. Stationed in Spain since 2018, the company is swiftly building its team in the Spanish region as it becomes the hotspot for solar PV industry in Europe what with bilateral contracts for clean energy and self-consumption model finding takers, and the government planning to auction 10 GW PV by 2025 (see Spain Plans To Tender 10 GW PV By 2025).
With a huge project pipeline in the country, large-scale solar PV project acquisitions are increasingly becoming common on the Iberian peninsula as it allows international solar players to quickly grow their portfolio in an attractive region. RIC Energy sold more than 429 MW PV capacity in November 2020 to Hanwha Q Cells, adding to 940 MW it sold to the company in late 2019 (see Q Cells Acquires 429 MW Solar PV Capacity In Spain). Very recently, Bruc Energy signed an exclusive agreement with Forestalia to acquire 2 GW solar PV power generation capacity in Spain.
In another related development from Lightsource BP, this time in the US, the British solar developer commissioned 260 MW Impact Solar Project in Lamar County, Texas, US. It will sell this energy generated by the project under a long-term agreement.