Lightsource BP forms co-development team in Portugal for 1.35 GW of solar

Lightsource BP has partnered up with local firm INSUN to co-develop five utility-scale solar projects in Portugal with a combined capacity surpassing 1.35 GW.

The renewables developer that is backed by oil-and-gas major BP Plc (LON:BP) announced the news on Friday, saying that it expects to invest EUR 900 million (USD 1.1bn) in the projects over six years. They are currently in the early stages of development and will be located in the regions of Moura, Castelo Branco, Mogadouro, Chamusca and Viseu.

“Solar has a huge role to play in Portugal’s energy transition. The scale of this deal should demonstrate just how big that opportunity truly is,” commented Henrique Rodrigues, INSUN´s CEO.

With this new partnership, Lightsource BP’s solar development pipeline in Iberia has grown to more than 3.5 GW, including more than 2 GW in Spain. The company noted that it is also actively exploring green hydrogen opportunities in Portugal, which is targeting up to 2.5 GW of such capacity by 2030.

At present, the company has offices in both Madrid and Lisbon. It entered the Iberian energy market in late 2018.

(EUR 1.0 = USD 1.223)

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