Lightsource BP has added another 845MW to its solar development pipeline by acquiring a PV project portfolio from local developer Iberia Solar.
The capacity is spread across five sites, set to be built across the regions of Castilla la Mancha and Castilla y León. Lightsource BP and Iberia, which is funded by Asterion Industrial Partners, will collaborate to bring the pipeline to a “ready-to-build” status, according to a statement from Lightsource BP, which the energy company will then takeover and commence construction next year.
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Lightsource BP is rapidly scaling up its presence in the Spanish solar sector, which has become increasingly competitive in recent years with the emergence of a subsidy-free market alongside new capacity auctions. Kareen Boutonnat, chief executive of Europe and international at Lightsource BP, said the new portfolio acquisition is “a clear demonstration that we came here to stay, and we are in an outstanding position to consolidate our foothold in Spain even further this year.”
Lightsource BP currently has a total of 2.25GW of projects in its Spanish development pipeline.
“Our Madrid-based team is currently Lightsource BP’s fastest-growing mainland European operation,” Boutonnat added, “and we’re actively recruiting to build out our presence.”
The renewables group is in the process of purchasing another, 1,060MW solar project portfolio in Spain from RIC Energy, its largest European acquisition to-date.
Lightsource BP first made a move in the Spanish market with the purchase of a 300MW solar portfolio in Zaragoza in 2019, before acquiring two parks with a capacity of 100MW in Teruel last year. More recently, the company was among 32 bidders who were awarded capacity in a heavily oversubscribed 12-year Contract for Difference auction last month. With this latest deal with Iberia Solar, Lightsource BP has added close to 2GW of solar projects to its development pipeline in less than a month.
Iberia Solar is a local developer funded by Asterion Industrial Partners, an infrastructure investment platform, through its Energies Platform. The investor raised €1.1 billion (US$1.33 billion) at the close of its debut funding round last month, called Asterion Industrial Infrastructure Fund I, making it Spain’s largest private equity fund. The fund also revealed last month it had acquired UK-based low carbon energy group AMP Clean Energy for £63 million (US$87.8 million).
Jesus Olmos, chief executive of Asterion Industrial Partners, said the energy group has built up its development portfolio over the past two years to comprise of more than 4.5GW of future wind and PV capacity in Spain, France and Italy.
“We are excited about the ability to rotate certain assets to allow the company to continue financing its development and construction activities, while minimising risk,” Olmos said, adding that the Iberia Solar team “have been instrumental in the development and divestment of this first portfolio of high-quality PV projects.”
