Lightsource bp secures a new 845 MW pipeline in Spain

Source: press release, 15 February 2021

Lightsource bp delivers affordable and sustainable solar power for businesses and ‎communities around the world
Lightsource bp delivers affordable and sustainable solar power for businesses and ‎communities around the world (photo: Lightsource bp)

Lightsource bp, a global frontrunner in the development and management of solar energy projects, has ‎ announced the acquisition of an 845 megawatt (MW) solar portfolio in Spain from Iberia Solar, a local ‎solar developer and part of the Asterion Energies platform, a portfolio company of Asterion Industrial ‎Partners. Asterion is an independent investment management firm focusing on infrastructure investments in ‎the European mid-market.

Lightsource bp and Iberia Solar will work in partnership to bring the project pipeline, which consists of five ‎sites across the regions of Castilla la Mancha and Castilla y León, to “ready-to-build” status. Lightsource bp ‎will then lead the projects to financial close and begin construction in 2022.‎

The announcement further demonstrates Lightsource bp’s capability as a co-development partner, ‎leveraging its expertise in developing, financing, contracting and constructing solar assets, as well as the ‎team’s ability to work with different partners under multiple structures. It also marks a significant milestone ‎in Lightsource bp’s commitment to playing a leading role in the energy market in Spain. The team now has a ‎total of 2.25 GW of projects in development or under construction in Spain, offering of a geographically ‎balanced portfolio in one of its key growth markets.

The signing of this partnership brings Lightsource bp’s total acquisitions for Q1 2021 to over 1.9 GW, an ‎impressive achievement with the year only just underway. The announcement follows the acquisition of a ‎‎1.06 GW portfolio from RIC Energy and the recent award at a 12-year contract for difference (CfD) auction ‎in Spain, both made public in January.

Kareen Boutonnat, CEO of Europe and international at Lightsource bp, comments, “This deal brings our ‎total acquisitions to almost 2 GW in 2021 alone. This 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. Our Madrid-‎based team is currently Lightsource bp’s fastest-growing mainland European operation, and we’re actively ‎recruiting to build out our presence. We look forward to working with Iberia Solar as our partnership enables ‎us to continue to expand on our ambition of providing affordable and sustainable solar power for businesses ‎and communities in Spain.”‎

Jesus Olmos, CEO of Asterion Industrial Partners, says, “As part of our asset rotation strategy within the ‎Asterion Energies platform with over 4.5 GW under development, we are delighted to have gained the trust ‎of a highly reputable counterparty in Lightsource bp and look forward to working alongside them and Iberia ‎Solar in delivering this high-quality PV portfolio in Spain.”‎

Erik Martel and Ignacio Martínez, founders of Iberia Solar, further adds, “This new partnership with ‎Lightsource bp represents a transformational transaction for Iberia Solar and our pipeline of solar projects in ‎Spain, achieved with the backing of Asterion and their belief in our business model. Having nurtured these ‎five particular projects of 845 MW from conception to being granted admission into the final permitting ‎process is a testament to the success of such strategy and we look forward to delivering them at ready-to-‎build in short order.”‎

Lightsource bp was advised by Uría Menéndez, Garrigues and WSP and Iberia Solar was advised by Ontier.‎