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Lightsource BP builds 1.35 GW of PV in Portugal, 640 MW in Greece

The U.K.-based solar developer has joined forces with Portugal’s Insun to build solar parks totaling 1.35 GW over the next five years. In Greece, it wants to build another 640 MW in partnership with Kiefer TEK.

From pv magazine Spain

Lightsource BP, which is 50% owned by the British energy company BP, has sealed an agreement with the Portuguese solar company Insun to develop five photovoltaic projects totaling 1.35 GW in Portugal.

The projects are in the initial phase of development and will be located in the Moura, Castelo Branco, Mogadouro, Chamusca and Viseu regions. Overall, these projects will require an investment of approximately €900 million.

Lightsource BP announced its entry into the Iberian energy market at the end of 2018, initially establishing itself in Madrid, and in 2019 it opened its office in Lisbon with a local team. In just two years, Lightsource BP has more than 2 GW in development in Spain and, with this transaction, it now has more than 3.5 GW in all of Iberia. The company says it is also actively exploring opportunities for green hydrogen.

In a separate press release, Lightsource BP also announced its entry into Greece after winning an auction and signing a 640 MWp co-development agreement with the local company Kiefer TEK. Specifically, 140 MW has been awarded, which represents more than 40% of the total capacity awarded in the latest Greek solar and wind auction. The awarded projects are part of a broader, 640 MW portfolio to be developed with local company Kiefer TEK which, according to Lightsource BP, will allow it to “launch itself as a major developer and investor.”

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The solar market in Greece is mainly based on auctions. More than 1 GW of wind and solar projects were submitted to the last tender, of which contracts of up to 350 MW have been awarded. The average price awarded to the Lightsource BP projects was €38.50 per MWh.

The company expects more than 200 MW to come online in the next 24 months, including the 140 MW won in the auction. The company will initially invest around €160 million in the country. The co-development agreement includes Kiefer TEK as an engineering, procurement and construction (EPC) services contractor.

Lightsource BP will sell part of the project’s electricity to the government at the offered price. The rest of the electricity will be sold to commercial and industrial customers and on the free electricity market.

With the addition of Greece, Lightsource BP has a presence in 14 countries, with a project portfolio of 20 GW on three continents.

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Source: pv magazine