Through the partnership, Lightsource bp, a company specialising in the development and management of solar energy projects, has acquired a 1.06 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, Spain. 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 250 MW portfolio in Zaragoza and the acquisition of a 100 MW 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.

Lightsource bp and RIC Energy were advised by Cuatrecasas, Latham & Watkins, Advisian, and Garrigues.