Lightsource BP buys 1.06-GW solar portfolio in Spain

Lightsource BP on Thursday said it has acquired a portfolio of 1.06 GW of solar projects in Spain from Madrid-based developer RIC Energy.

The deal represents Lightsource BP’s largest acquisition in Europe to date, the London-based solar company said without mentioning figures on the price tag. The sales agreement also includes a partnership with RIC Energy, itself a developer of PV assets, on the development of 14 sites across the Spanish regions of Madrid, Andalusia and Castile and Leon.

The first batch of projects are expected to reach ready-to-build status by the end of 2021 and commence operation between 2022 and 2025.

Lightsource BP said it will work to bring the projects to financial close and secure a contract with an EPC services provider. The company chose to support the projects with cross-border power purchase agreements (PPAs) in Europe and has already started approaching potential off-takers to propose and negotiate contracts for up to ten years.

The RIC Energy portfolio is the third acquisition for Lightsource BP in Spain since arriving in the region in late 2018. In 2019 and 2020, the company bought portfolios from local developer Forestalia, which has a history of disposing scores of its wind and solar projects to domestic and foreign players alike.

“Partnering with local developers enables us to deploy new projects quickly and safely, providing affordable and sustainable solar power for businesses and communities across the region,” Kareen Boutonnat, CEO of Europe and International at Lightsource BP, said in a statement.

According to the RIC Energy CEO, Jose Luis Moya, the transaction with Lightsource BP was finalised in record time.

"All of our efforts from now on will focus not only on meeting our contractual commitments but on trying to exceed Lightsource bp’s expectations," Moya added.

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