Lightsource bp, a global leader in the development and management of solar energy projects, announced its latest acquisition of 78 megawatt (MW) from EGI, an experienced renewable energy developer located in Sicily, through a co-development agreement.
The company will work in partnership with EGI to bring the project to ready-to-build status, having recently filed for “PAUR”, a comprehensive permit granting authorisation on environmental and planning matters. Lightsource bp will then continue to progress the project to financial close and begin construction in 2022, with an expectation for the site to become operational in 2023. This project is the first of a substantial exclusive pipeline already secured with EGI.
To date, Lightsource bp has acquired over 100MW in Sicily and aims to continue to grow its presence in the region. This partnership adds to a series of recently completed transactions, securing 11 utility scale solar projects across southern Italy, with a total capacity of over 350MW.
With this latest acquisition Lightsource bp has secured a 1.2GW pipeline of high-quality solar projects at various stage of development across six regions in Italy. The sites in this geographically balanced portfolio have been carefully chosen with specific attention to their impact on surrounding areas, incorporating environmental mitigation strategies to ensure local support. Looking ahead, the Italian team’s focus will expand to include the central and northern regions of Italy, as well as earlier stage projects. The team are looking forward to working with local developers and assisting local authorities by leveraging Lightsource bp’s expertise in developing, financing, contracting and constructing solar plants.
Giovanni Mascari, Head of Business Development Italy at Lightsource bp, said: “This acquisition further cements the key role Italy plays in our European growth strategy. Creating a 1.2GW pipeline in just 2 years across a fragmented energy market like Italy showcases our commitment to becoming one of the top solar players in the country. Our experience enables us to carefully select our co-development partners, sharing with them valuable expertise and capability to ensure that we have the best possible chance of getting each site through the authorisation process, and successfully completed.”