Lightsource bp ready for Spanish solar boom with acquisition of 1GW portfolio

The investment is considered to be the company's largest European acquisition to date

Oil giant bp’s subsidiary, Lightsource bp has acquired 1.06GW solar portfolio in Spain from the PV developer RIC Energy. 

The two companies have partnered to develop 14 projects across the Spanish regions of Madrid, Andalucía and Castilla y León.  

The first projects are expected to reach ‘ready to build’ status by the end of 2021, with the installations planned to start operations between 2023 and 2025. 

This is the third acquisition by Lightsource bp in the last two years, following a 250MW portfolio in Zaragoza and a 100MW portfolio in Teruel. 

Kareen Boutonnat, Chief Executive Officer of Europe and International at Lightsource bp commented“This is our largest European acquisition to date, adding 1GW to Lightsource bp’s current pipeline and further cementing our presence in the Spanish energy market.

Felipe Arbelaez, Senior Vice President Zero Carbon Energy at bp, said: “This significant project is a demonstration of bp’s commitment to increase our investment in new energies, and once in operation will bring zero carbon energy to many Spanish businesses and homes.” 

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