Lightsource bp expands Spanish solar presence with acquisition of 845MW portfolio

Lightsource bp, a prominent US-based solar developer, has significantly expanded its footprint in the Spanish solar market with the acquisition of an 845 megawatt (MW) portfolio from local developer Iberia Solar. While the financial details of the transaction remain undisclosed, the strategic acquisition is part of Lightsource bp’s aggressive expansion in Spain‘s renewable energy sector.

Under the terms of the deal, Lightsource bp and Iberia Solar will collaborate to advance the development of five solar sites located across the regions of Castilla la Mancha and Castilla y León to a “ready-to-build” status. These projects are scheduled to reach financial close with construction expected to commence in 2022.

This acquisition brings Lightsource bp’s total to over 1.9GW of portfolio acquisitions in Spain for the year, reinforcing its position as a major player in the European solar market. Prior to this, Lightsource bp had already made significant strides in January by acquiring a 1.06GW portfolio from RIC Energy and securing a 12-year Contract for Difference (CfD) at an auction in Spain.

Kareen Boutonnat, CEO of Europe and International at Lightsource bp, highlighted the strategic importance of these acquisitions: “This deal brings our total acquisitions to almost 2GW in 2021 alone. This is a clear demonstration that we came here to stay, and we are in an outstanding position to consolidate our foothold in Spain even further this year. Our Madrid-based team is currently Lightsource bp’s fastest-growing mainland European operation, and we’re actively recruiting to build out our presence. We look forward to working with Iberia Solar as our partnership enables us to continue to expand on our ambition of providing affordable and sustainable solar power for businesses and communities in Spain.”

Iberia Solar, supported by Spain’s private equity fund firm, Asterion Industrial Partners through their renewables platform Asterion Energies, views this partnership as a testament to their successful strategy and asset rotation within the solar development sector. Jesus Olmos, CEO of Asterion Industrial Partners, expressed confidence in the collaboration: “As part of our asset rotation strategy within the Asterion Energies platform with over 4.5GW under development, we are delighted to have gained the trust of a highly reputable counterparty in Lightsource bp and look forward to working alongside them and Iberia Solar in delivering this high-quality PV portfolio in Spain.”

Erik Martel and Ignacio Martínez, founders of Iberia Solar, also commented on the partnership’s impact: “This new partnership with Lightsource bp represents a transformational transaction for Iberia Solar and our pipeline of solar projects in Spain, achieved with the backing of Asterion and their belief in our business model. Having nurtured these five particular projects of 845MW from conception to being granted admission into the final permitting process is a testament to the success of such strategy and we look forward to delivering them at ready-to-build in short order.”

The strategic move by Lightsource bp not only underscores its commitment to expanding its renewable energy portfolio but also enhances its ability to meet the growing demand for sustainable energy solutions in Spain and beyond.