Lightsource bp has successfully reached financial close for its Barrica solar projects in the Aragon region of Spain, giving the greenlight for construction to begin on two 49.5MWp solar sites. Financial backing has been received from Natwest, Santander, Sabadell and Intesa Sanpaolo to see the cluster through to completion. The construction process will create over 300 construction jobs across Calamocha and Cuevas de Almudén, in the Teruel province of Aragon.
The €52m term loan raised is in addition to €135.5m already raised for Lightsource bp’s Spanish flagship 247MWp Vendimia project also located in the province of Aragon.
Lightsource bp acquired the Barrica projects from local development partner Forestalia in August last year and successfully finalised the development and achieved financial close in just eight months. It also benefits from the stable revenue provided by a long-term Power Purchase Agreement (PPA) with bp’s European power trading team, selected as the off-taker through a competitive process run by Lightsource bp. The two projects will be built using the latest solar technology including 200,000 bifacial panels mounted on single-axis trackers that optimise energy generation by tracking the movement of the sun. Local engineering specialist Grupotec has been selected as the EPC (Engineering, Procurement, Construction) contractor.
Once operational, the sites will reduce carbon emissions by 59,474 tonnes, and generate enough renewable electricity to power 45,890 Spanish homes. Both sites are expected to be fully operational in 2022.
Fernando Roger, Lightsource bp´s Country Head for Spain commented:
“Lightsource bp is building momentum at pace and at scale in Spain, which is a testament to our experience and track record in execution. We’re focussed on converting our substantial and continuously growing our pipeline into high-quality solar projects, providing value for investors, communities and offtakers.
”“Our team’s performance is even more impressive given that we closed this deal whilst commissioning our 247MW Vendimia project, taking our Spanish pipeline beyond 3GW and submitting a winning bid in the government auction. We’re actively expanding this successful team as we accelerate Lightsource bp’s contribution to the Spanish energy transition.
”Investment and job creation in the rural economies of Spain is one objective of the nation’s Recovery and Resilience plan, which has a substantial focus on green investment. Through its solar projects and financing partners, Lightsource bp is contributing towards the stimulus needed for Spain to develop its rural regions and distribute wealth across the country in the form of jobs and economic investment. Lightsource bp will invest €2 billion in Spain during the course of the next five years. The investment also aligns with Spain’s national energy and climate plans (NECPs), part of the wider clean energy objectives of the European Union, by providing low carbon energy and creating green jobs.