Lightsource bp diversifies its portfolio and points towards Northern Italy

• Lightsource bp invests in the Central North regions to increase its presence on the Italian market
• Partnerships signed with Solar IT and TEP Renewables for a total of 400MW of photovoltaic projects. 163MW are expected to enter into operation between 2023 and 2024
• Lightsource bp intends to strengthen its cooperation with territories – from developers to institutions, from local farms to communities – to carry out projects that contribute to the local environment and economy

(Milan, 3rd February 2022) Lightsource bp, an equal joint venture between Lightsource and bp, one of the world’s leading investors in the energy sector, has always stood out for its constant innovation in the strategic planning of its expansion on a global scale. In Italy it has recently decided to take a further step to consolidate its presence in the local market, the company is in fact exploring new opportunities in the regions of Central and Northern Italy with the aim of geographically diversifying its portfolio.

As part of this strategy, Lightsource bp has signed agreements with two local developers particularly active in central and northern Italy for a total of 400MWp.

The first partnership was signed with Solar IT, an Italian engineering company specialized in the photovoltaic sector. The agreement will lead to the development of 200MWp of photovoltaic projects in Veneto, Piedmont, Emilia-Romagna, Friuli Venezia Giulia and Lombardy.

The second partnership involves the Italian branch of the international developer TEP Renewables and provides for the co-development of a pipeline of photovoltaic projects for a total of 200MW, of which 163MW have already been identified, with entry into operation expected in 2023 and 2024. The projects are located in north-central Italy and on the two major islands. The companies also committed to exploring the benefits of coupling storage systems to generation plants in order to improve the flexibility and efficiency of the national electricity grid.

This expansion to the North will benefit from the experience in the development and financing of the projects that Lightsource bp has obtained over the years, as well as its proactive approach and its well-established knowledge of the Italian market: all elements that allow the company to accurately evaluate the opportunities in the initial design phase. These newly signed partnerships are proof of this, in fact both leverage on the one hand the expertise acquired on a global scale and on the financial capacity of Lightsource bp, and on the other hand on the deep knowledge of the local panorama of trusted partners such as Solar IT and TEP Renewables.

Giovanni Mascari, Country Head for Italy at Lightsource bp commented:

“We have worked intensively to develop a solid portfolio of photovoltaic projects in Southern Italy. Now we believe that the time has come to increase our ambitions and expand to the rest of the country, kicking off our activities in Northern Italy. The North offers several opportunities linked above all to a more streamlined authorization process and the possibility of securing PPAs. We intend to seize these opportunities and continue to strengthen relationships with local developers, institutions, and communities. To support our growth, we also intend to further strengthen our team, we are currently looking to add five more professionals.”

“Lightsource bp’s experience in developing land-specific projects, for example through the implementation of agrovoltaic initiatives, the installation of transmission lines, as well as coordination work with multiple partners, will allow us to offer sustainable and affordable solar energy to companies and communities of almost all of Italy,” continues Mascari, “helping to provide and the necessary impetus to accelerate the decarbonization of the local economy and thus achieve the objectives set by the PNRR.”