Lightsource bp Raises Euro 52M For 100MW Solar Projects in Spain

European solar developer Lightsource bp has successfully raised a Euro 52 million term loan from leading financial backers for its Barrica solar projects in the Aragon region of Spain, giving the green light for construction to begin on two 49.5MWp solar sites.  

Leading financial backers include Banco Sabadell, Natwest, Santander, and Intesa Sanpaolo, which provided the necessary financial backing to see the cluster through to completion. The construction process will create over 300 construction jobs across Calamocha and Cuevas de Almudén in the Teruel province of Aragon, according to the firm.

Lightsource bp acquired the Barrica projects from local development partner Forestalia in August last year and finalized the development and achieved its financial close in eight months. The project is said to benefit from the stable revenue provided by a long-term Power Purchase Agreement (PPA) with bp’s European power trading team, selected as the off-taker through a competitive process run by Lightsource bp. 

The two projects will be built using 2,00,000 bifacial panels mounted on single-axis trackers that optimize energy generation by tracking the movement of the sun. Local engineering specialist Grupotec has been selected as the EPC (Engineering, Procurement, Construction) contractor.

Once operational, the sites are expected to reduce carbon emissions by 59,474 tonnes and generate enough renewable electricity to power 45,890 Spanish homes. Both sites are expected to be fully operational by the year 2022.

Speaking on the development, “Lightsource bp is building momentum at pace and scale in Spain, which is a testament to our experience and track record in execution. We’re focussed on converting our substantial and continuously growing our pipeline into high-quality solar projects, providing value for investors, communities, and off-takers,” stated Mr. Fernando Roger, Lightsource bp´s Country Head for Spain. 

Recently, the solar developer invested 475 million euros (USD 566 million) to acquire a pipeline of three solar projects in Spain from Spanish company Grupo Jorge, which were located in the country’s Aragon region.