Lightsource BP – the solar joint venture half-owned by the global oil supermajor – made another big swoop in Spain that took its pipeline there past 3GW.
The developer bought a 703MW pipeline portfolio from Grupo Jorge consisting of three projects in Aragon.
Lightsource BP said what it described as its European “execution machine” has now passed the 3GW pipeline mark in Spain, the majority of it amassed in the last six months.
The country has emerged as a favourite target for solar developers thanks to a combination of sunny conditions and opportunities to strike corporate power deals, while potential green hydrogen projects are also on BP's Spanish radar.
The BP joint venture also recently expanded its interests into Portugal and Greece, as it continues a rapid global expansion drive that CEO of Europe and International Kareen Boutonnat told Recharge in an interview was aided by the supermajor’s ability to unlock doors in new markets.
Asian markets are now also high on the agenda for Lightsource BP, Boutonnat said.
BP CEO Bernard Looney has hailed Lightsource BP’s ability to deliver solid returns in the 8-10% range that the supermajor is targeting for a wider stable of renewable energy projects that will span wind, PV and bioenergy – and a net 50GW 2030 target that’s among the most ambitious of any fossil group.
The other key plank of BP’s plans is offshore wind, where the supermajor this week announced its latest market foray by joining a consortium to bid in Norway’s upcoming tender.