Lightsource bp Acquires 1.06 GW Solar Portfolio of RIC Energy in Spain

Lightsource bp has acquired a 1.06 gigawatt (GW) solar project portfolio distributed across Spain from RIC Energy

Lightsource bp, a global leader in the development and management of solar energy projects, has acquired a 1.06 gigawatt (GW) project portfolio distributed across Spain from RIC Energy, a global developer of PV projects.

Lightsource bp and RIC Energy will work in partnership to develop the 14 sites across 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 expected to enter operation in stages from 2023 to 2025. Lightsource bp will work to bring the project portfolio to financial close and secure the construction contract with an EPC company.

The latest acquisition follows on the acquisition and construction of a 250 MW portfolio in Zaragoza and the acquisition of a 100 MW portfolio in Teruel, both acquired from Forestalia in 2019 and 2020 respectively. The team, based in Madrid, is currently Lightsource bp’s fastest-growing mainland European operation, going from six employees in June 2019 to 48 now, with a further 11 openings.

Kareen Boutonnat, CEO of Europe and International at Lightsource bp said “this is our largest European acquisition to date, adding 1 GW to Lightsource bp’s current pipeline and further cementing our presence in the Spanish energy market. 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. We are looking forward to working with RIC Energy and bringing this portfolio to financial close.”

The firm has also informed that it has already started approaching renewable energy buyers to propose and negotiate Power Purchase Agreements across Europe (cross-border PPA), for timeframes of up to 10 years.

Jose Luis Moya, CEO of RIC Energy, said “the entire RIC Energy team is extremely satisfied to have successfully completed this transaction with Lightsource bp 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, to enable us to offer high value-added products and services that deepen, expand and develop a long-term, mutually beneficial relationship.”

Earlier this month, the firm had announced that it had secured a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS), in partnership with Nephila Climate. The pgPPA is for electricity generated by Lightsource bp’s 153 megawatts Briar Creek solar farm, located in Navarro County, Texas.