Lightsource bp, a joint venture between energy company bp and Lightsource bp management, that develops, funds and manages utility-scale solar PV projects, announced today the acquisition of an 845 megawatt (MW) solar portfolio in Spain from solar developer Iberia Solar.

The deal marks another step in a series of moves to grow its renewable energy portfolio by Lightsource bp, including a recently announced transaction with RIC Energy and an award at a 12-year Contract for Difference (“CfD”) auction ‎in Spain, and brings the company’s acquisitions in Q1 2021 to date to 1.9GW. The transaction also deepens the company’s resources in Spain, one of its key growth markets, giving Lightsource bp 2.25GW of projects in development or under construction in the region.

Kareen Boutonnat, CEO of Europe and international at Lightsource bp, said:

“This deal brings our ‎total acquisitions to almost 2GW 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.”‎

Under the terms of the new agreement, Lightsource bp and Iberia Solar will work in partnership to bring the project pipeline to ready-to-build status, following which time Lightsource bp ‎will lead the projects to financial close and begin construction in 2022. The portfolio consists of five ‎sites across the regions of Castilla la Mancha and Castilla y León.

Erik Martel and Ignacio Martínez, founders of Iberia Solar, said:

“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 845MW 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.”‎

Iberia Solar is part of the Asterion Energies platform, a portfolio company of Asterion Industrial ‎Partners. Jesus Olmos, CEO of Asterion Industrial Partners, said:

“As part of our asset rotation strategy within the ‎Asterion Energies platform with over 4.5GW 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.”‎