Lightsource BP takes over 1.06GW solar portfolio from RIC Energy

Lightsource BP, a leading developer of solar energy projects, has recently acquired a 1.06 gigawatt (GW) project from RIC Energy that is distributed across Spain. According to the terms of the agreement, Lightsource BP and RIC Energy will partner on the development of 14 sites across Andalucía, Madrid, and Castilla y León.

Estimates suggest that the first projects might reach ‘ready to build’ stage by late 2021, with installations expected to commence in part of 2023 to 2025.

As per Kareen Boutonnat, CEO of Europe and International, Lightsource BP, this is their firm’s largest European acquisition, adding 1 GW to their current pipeline and cementing their presence in the Spanish energy market.

Joining forces with local developers enables us to deploy new projects quickly and safely, providing affordable and sustainable solar power for businesses and communities across the region. Lightsource is looking forward to working with RIC Energy and bringing this portfolio to financial closure.

The firm has also informed that the firm has already started reaching out to renewable energy buyers to persuade and negotiate PPA (Power Purchase Agreements) across Europe, for periods of up to 10 years.

Jose Luis Moya, RIC Energy CEO, said their entire team is extremely satisfied to have completed this transaction with Lightsource bp. Their firm will now emphasis on not only meeting their contractual commitments but also trying to exceed Lightsource’s expectations, to help offer high value-added products and services that expand and develop a long-term, mutually beneficial relationship.

Recently, the firm announced that it had landed a pgPPA (proxy generation power purchase agreement) with Capital Solutions unit of AGCS, in collaboration with Nephila Climate. The pgPPA is for electricity produced by Lightsource’s Briar Creek solar farm (153 MW) in Texas.

Source Credit: https://www.saurenergy.com/solar-energy-news/lightsource-bp-acquires-1-06-gw-solar-portfolio-of-ric-energy-in-spain