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26 November, London – Lightsource BP, Europe’s largest solar power company and a global leader in the funding, development and long-term operation of solar energy projects, has today announced their expansion into the Iberian energy sector. Lightsource BP has already established operations across Europe in the United Kingdom, Ireland, Netherlands and Italy, operating a 2GW solar portfolio.

Based in Madrid, the team will focus on working with local partners to acquire and co-develop large-scale ground mount solar sites across the Iberian Peninsula. In parallel to this, Lightsource BP will also work to create a greenfield pipeline of solar projects which can be delivered in the next few years. The strategy is to provide local and renewable energy to corporate and utility customers via Power Purchase Agreements (PPAs).

The Iberian energy market represents a significant opportunity for Lightsource BP to further their ambition in accelerating the global low carbon transition. The company is looking to leverage its expertise in developing innovative PPA structures and providing cost competitive renewable electricity to meet the growing demand of corporate and utility customers across the Iberian Peninsula.

The newly-signed Lisbon Declaration aims to increase the capacity of the energy interconnection between the Iberian Peninsula and Europe. Reportedly, it has earmarked €865 million for the construction of interconnections and will require new generation capacity to be added to meet the increase in supply.

Nick Boyle, Lightsource BP Group CEO, said: “The Iberian power market is changing dynamics. The shift towards subsidy-free, liberalisation, interconnectors and growing interest in PPA projects has led to a new boom across the sector and we are set to capitalise on this opportunity.

The beauty of solar is that it is flexible and quick to deploy. With our strong track record in financing and innovation, we are focussed on playing a significant role in the addition of new generation capacity into the Iberian power market.”