Lightsource bp Invests in 703 MW Spanish Solar Projects

Europe’s largest solar developer Lightsource bp has invested 475 million euros (USD 566 million) to acquire a pipeline of three solar projects in Spain from Spanish company Grupo Jorge.

The three projects totaling 703 MW are located in Aragon. Aragon is a landlocked region in northeastern Spain comprising the provinces of Huesca, Zaragoza, and Teruel. Two of them are located in Zaragoza with a generation capacity of 292 MW and 130 MW, and the third project with a generation capacity of 281 MW is located in Huesca.

The three new projects in the northeastern region of Aragon are expected to commence construction by the next year, the company said, adding it will look for customers to strike power purchase agreements for the electricity the sites will generate.

Spain is rapidly increasing its renewable energy portfolio mainly in solar, helping attract leading developers.

With this recent acquisition in Spain, Lightsource bp has developed a solar portfolio in the country of more than 3 GWs, which has been established mainly this year through co-development partnerships with RIC Energy and Iberia Solar. Lightsource bp claims to have developed  2.6 GW out of 3 GW in just six months and with an average project size of 200MW (including clusters).

Out of three projects, the completion of the first project located at Zaragoza is expected very soon, according to the company. Also, there’s also an expectation of bringing another 148.5 MW to construction this year and increase the job opportunities with full-time positions.

Lightsource bp claimed that it will create around 1000 jobs through these solar projects and to enter into a power purchase agreement (PPA) with off-takers for the clean energy generated by these projects.

In the same month, the company boosted its solar power in Italy by acquiring three projects from Horizon Firm, a trusted developer specialized in solar, totaling 156MWp across the country.