Lightsource BP to Invest €900 mn in Portugal to Build 1.3 GW Solar Plants

London-based solar power developer Lightsource bp, a 50:50 joint venture with oil and gas company bp, recently announced that it has partnered with Portuguese local company INSUN to build five large-scale solar plants in Portugal, which are expected to add over 1.35 GW of low-carbon, renewable power to Portugal’s energy mix. The company plans to invest 900 million euros ($1.10 billion) into the projects over the next six years.

The projects are in the early development stage and will be located in the regions of Moura, Castelo Branco, Mogadouro, Chamusca and Viseu. Lightsource bp’s investment into these solar projects also include local job creation, procurement of local services, infrastructure improvements, biodiversity enhancements and community initiatives. Once operational, these projects are in place for around 30 years, creating longer-term opportunities to build on additional economic development beyond producing renewable power locally.

Lightsource bp announced its move into the Iberian energy market in late 2018, initially setting up in Madrid, and in 2019 opened its office in Lisbon, with a highly experienced local team. In just two short years, Lightsource bp has grown its solar development pipeline to over 2 Gigawatts in Spain, and with this transaction, now boasts over 3.5 GW across Iberia. The company is also actively exploring opportunities for green hydrogen.

Solar is well suited to support Portugal’s National Energy and Climate Plan’s 2030 targets due to its scalability, short deployment cycles and having the lowest electricity generation costs in history. It is a cost-effective solution to meet the urgent need of rising energy demand through local and low-carbon solutions.

Solar is also becoming increasingly attractive to corporate buyers looking to reduce emissions, meet sustainability targets and diversify their energy mix.

Miguel Lobo, Country Head Portugal for Lightsource bp commented, “Solar is ideally placed to meet Portugal’s rapid expansion plans on growing its local renewable energy generation capacity as it has excellent irradiation levels, it is quick to deploy, and low-cost,” adding, “There are also opportunities with growing technologies like storage and green hydrogen that are attracting new investment players across the energy value chain, and that is a huge benefit to our country.”