Lightsource BP has bought almost a gigawatt more solar capacity in Spain, a key market for the developer co-owned by the UK oil supermajor.
Lightsource BP acquired an 845MW portfolio from local developer Iberia Solar, bringing its total under development or in construction in Spain to 2.25GW. Financial terms were not disclosed.
The solar joint venture, which is 50% owned by BP, is one of the key pillars for the oil & gas giant’s burgeoning renewable energy ambitions, which include having a 50GW portfolio in operation by 2030, a twentyfold increase on the figure in place when the target was set last year.
The new projects in Castilla la Mancha and Castilla y León are “ready to build” and due to begin construction in 2022.
Hot Spanish solar market
Kareen Boutonnat, CEO of Europe and international at Lightsource BP, said: “This deal brings our total acquisitions to almost 2GW in 2021 alone.
“This is a clear demonstration that we came here to stay, and we are in an outstanding position to consolidate our foothold in Spain even further this year.
“Our Madrid-based team is currently Lightsource BP’s fastest-growing mainland European operation, and we’re actively recruiting to build out our presence.”
With its combination of good solar conditions, rejuvenated policy landscape for renewables and potential for corporate power deals, Spain has become one of the hottest global PV markets.
BP’s fellow supermajor Total has also unveiled several major Spanish solar acquisitions over the last year, including one that will be used to cover power use for its entire European operations.
For BP the latest solar foray comes soon after its success in the latest UK lease round for new offshore wind, which has emerged as the other key plank of its renewables development ambitions.