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Lightsource BP invests in 757 MW project pipeline in Poland

UK based developer Lightsource BP today announced plans to enter the Polish market and develop nine projects amounting to 757 MW, working alongside an unnamed local partner. Lightsource BP says around half of the projects could begin construction next year, and that bringing all of the pipeline to completion would require total investment of €500 million.

Lightsource BP has signed a co-development with a local partner in Poland, to co-develop 757 MW of new PV capacity in the country.

The developer says that around half of the projects could be ready to begin construction in 2022, and that completing all of the projects would require total investment of €500 million. And once operational, Lightsource says the projects will participate in Poland’s upcoming renewable energy auctions, as well as selling power on the spot market and through long-term corporate PPAs.

The capacity is spread across nine projects planned in various regions of the European country, and Lightsource has signed a co-development agreement with an unnamed local partner, which it describes as “an experienced local renewable energy firm”.

Lightsource BP says it has carefully vetted the whole portfolio, and sees big opportunities for PV in Poland as the country accelerates its shift away from coal-fired power stations. “Entering the Polish marketplace is a significant milestone for us, and we have done so with a sizeable portfolio,” said Vlasios Souflis, international business development director at Lightsource BP. “The scope for growth in solar is huge, as renewables will be required to double their share on the grid in a short space of time.”

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PV grows in Poland

Poland currently has around 6 GW of installed PV capacity, and big growth is expected over the next few years. The country installed 1.3 GW of PV in the first half of this year, and allocated a further 2.2 GW in an auction held in June. “Poland is facing huge challenges related to the energy transition by the year 2040; ultimately, the Polish energy sector and economy will rely mainly on renewable energy sources,” said Bogdan Kucharski, CEO of BP Poland. “That is why I am happy that Lightsource bp is going to develop solar energy for Poland, supporting our country’s national renewable energy target.”

Since beginning a joint venture that saw British energy multinational BP take 50% ownership of the company in 2017, Lightsource BP has seen its pipeline of PV projects grow from 1.6 GW to more than 20 GW. The company has entered into similar co-development deals this year for pipelines in Spain, Portugal, and Greece, and recently secured $1.8 billion in credit from various lenders, with a plan to grow its pipeline to 25 GW by 2025.

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Source: pv magazine