Lightsource BP has announced the acquisition of a portfolio consisting of 1.06 GW of solar projects in Spain from RIC Energy. Additionally, the sales agreement specifies a partnership with RIC Energy to develop solar projects in 14 sites across Madrid, Andalusia, and Castile and Leon. The first batch of projects is projected to reach ready-to-build status by the end of 2021 and be commissioned between 2022 and 2025.

The company has reported that the projects will achieve financial closure and secure a contract under an EPC services provider. Further, The company will link the projects with cross-border power purchase agreements in Europe and with potential off-takers already being approached to propose and negotiate contracts for up to ten years.

The current deal represents Lightsource BP’s largest acquisition in Europe to date. It represents the company’s third acquisition in Spain since starting operations in the country in 2018. Over the next two years, the developer purchased portfolios from a local developer, Forestalia.  Lightsource BP reports that partnering with domestic players has proven successful in deploying projects quickly, safely, and in a cost-effective manner.

Lightsource BP is a strategic partnership formed in 2018 between Lightsource Renewable Energy and the global energy giant BP. Lightsource BP currently has 2GW of solar under management which includes 1.3GW in Europe. Their projects in the US pipeline include 3GW of assets in various stages of development and construction.