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Lightsource BP, a global leader in the funding, development and long-term operation of solar, has acquired a 300 megawatts (MW) project portfolio from leading renewables firm Forestalia, in the province of Zaragoza, Spain.

The project pipeline, which already has administrative and environmental authorisations, marks Lightsource BP’s entry into the Iberian power market and is a great step forward in achieving the company’s global vision to enable an accelerated low-carbon transition.

Lightsource BP established a presence in Iberia less than a year ago and have since been working with local partners to create a foothold in the local energy market, focusing on the acquisition and co-development of large-scale ground mounted solar sites. While the company continues to develop green-field sites, the acquisition of permit-ready projects such as these are vital to accelerate growth in the region. Such projects confirm Lightsource BP’s initial market entry assumptions allowing the company to work on expanding its unparalleled project and asset management capabilities across Europe.

The projects – totalling 300MW of solar over six separate sites – will be financed via Lightsource BP’s innovative structures. The team will negotiate Power Purchase Agreements (PPAs) with renewable energy buyers across the region, providing cost visibility and security to corporations for timeframes of up to 30 years.

Nick Boyle, Group Chief Executive Officer, Lightsource BP comments:

“This acquisition not only marks our first transaction in Spain but is also a further milestone in our global ambition to achieve 10GW by 2023. Through our unique ability and extensive project experience and global supply chain optimisation, the development of these permitted sites will enable us to establish a presence in the Iberian market and provide a secure, reliable source of renewable energy to corporate and utility customers across the region.”

Fernando Samper Rivas, President of the Forestalia Group, said:

“This agreement will enable the development of solar projects of enormous significance for the Aragonese rural environment. Renewable energy creates jobs and generates development in rural areas, which are in-need of investment and stimulation”.