EOS Investment Management Group (EOS IM) and Lightsource bp have finalised the sale of six solar greenfield projects in Italy to EOS IM. In particular, EOS IM, through EOS ReNewable Infra Fund II, will add the 294 MW portfolio to its existing solar power assets in Italy. The portfolio is currently either permitted or in the late stages of development with construction expected to begin in the next 12 months.
Furthermore, the transaction enables Lightsource bp to reinvest and further extend its reach in the Italian market. The portfolio includes various agri-photovoltaic initiatives with the projects designed to host sheep grazing, honey production and the plantation of olive, pistachio and orange trees as well as other local crops, allowing both eco-friendly power generation and biodiversity protection.
In December 2023, bp agreed to acquire the remaining 50.03 per cent interest in Lightsource bp. Full ownership will now enable bp to further scale up Lightsource bp and create additional value by applying bp’s complementary capabilities and strengths including in finance and trading fully to the business. bp will continue to target double digit equity returns from this business.
