Through the partnership, Lightsource bp, a global leader in the development and management of solar energy projects, has acquired a 1.06 gigawatt (GW) project portfolio distributed across Spain from RIC Energy, a global developer of PV projects.
Lightsource bp and RIC Energy will work in partnership to develop the 14 sites across Madrid, Andalucía, and Castilla y León. The first projects are expected to reach “ready to build” status by the end of 2021, with the installations expected to enter operation in stages from 2023 to 2025.
Lightsource bp will work to bring the project portfolio to financial close and secure the construction contract with an EPC company. Lightsource bp has already started approaching renewable energy buyers to propose and negotiate Power Purchase Agreements across Europe (cross-border PPA), for timeframes of up to 10 years.
This acquisition underpins Lightsource bp’s commitment to develop renewable energy projects in Spain, and its broader international expansion. The company established a presence in the region in late 2018, and since then has worked with local partners to extend its position in the market, focusing on the acquisition and co-development of large-scale ground mounted subsidy-free solar sites.
This announcement follows the acquisition and construction of a 250MW portfolio in Zaragoza and the acquisition of a 100MW portfolio in Teruel, both acquired from Forestalia in 2019 and 2020 respectively. The team, based in Madrid, is currently Lightsource bp’s fastest-growing mainland European operation, going from six employees in June 2019 to 48 now, with a further 11 openings.
Kareen Boutonnat, CEO of Europe and International at Lightsource bp commented: “This is our largest European acquisition to date, adding 1GW to Lightsource bp’s current pipeline and further cementing our presence in the Spanish energy market. Partnering with local developers enables us to deploy new projects quickly and safely, providing affordable and sustainable solar power for businesses and communities across the region. We are looking forward to working with RIC Energy and bringing this portfolio to financial close.”
Felipe Arbelaez, senior vice president zero carbon energy, bp said: “This significant project is a demonstration of bp’s commitment to increase our investment in new energies, and once in operation will bring zero carbon energy to many Spanish businesses and homes.”
Jose Luis Moya, CEO of RIC Energy, said: “The entire RIC Energy team is extremely satisfied to have successfully completed this transaction with Lightsource bp in record time. All of our efforts from now on will focus not only on meeting our contractual commitments but on trying to exceed Lightsource bp’s expectations, to enable us to offer high value-added products and services that deepen, expand and develop a long-term, mutually beneficial relationship.”
Jesus de Fuentes, Business Director of RIC Energy, added: “The Agreement reached with Lightsource bp complements and decisively reinforces RIC Energy’s portfolio of top-level clients, as well as the success of our early commitment to the Spanish photovoltaic market. We aspire to be a benchmark for Lightsource bp in the promotion and development of renewable energy projects in Spain and to continue growing together both here and in other markets in which we operate.”
Lightsource bp and RIC Energy were advised by Cuatrecasas, Latham & Watkins, Advisian, and Garrigues.