Lightsource bp joins Poland’s accelerated energy transition with 757MW deal
- Co-development deal signed with experienced, local renewable energy firm
- If fully-developed the projects would create a total investment of €500 million.
19th October, 2021 Warsaw – Lightsource bp, a global leader in the development and management of solar energy has secured its first projects in Poland through a 757MWp co-development deal.
This agreement demonstrates the shifts in Poland’s dynamic power market as the country accelerates towards renewable energy sources and away from coal. The total capex to bring the entire pipeline to fruition could reach €500 million. Lightsource bp has closely vetted the portfolio, providing valuable insight into the potential of the projects and the Polish solar market. Around half the projects could be ready for construction in 2022.
Lightsource bp plans to sell some power on the open market and is actively seeking large corporations to contract via long-term power purchase agreements. These projects will also participate in future rounds of Poland’s renewable energy auctions.
Once operational the projects will provide enough clean electricity to power the equivalent of 362,870 Polish homes. This project pipeline provides Lightsource bp a stable foundation for its long-term gigawatt-scale development ambitions in Poland.
The portfolio of nine projects in the regions of Zachodnio-pomorskie, Lubuskie, Dolnośląskie and Wielkopolskie will be developed with an experienced, local renewable energy firm.
Poland at the frontier of the energy transition
The solar landscape in Poland has grown significantly in recent years as more projects are being developed and connected to the grid, with a capacity of over 6GW currently installed. The nation is looking to increase its proportion of renewables in final energy consumption. Solar will play a pivotal role in this transition.
As the lowest cost of energy in history, photovoltaics will allow Poland to decarbonise economically and efficiently, while creating employment opportunities and boosting a home-grown green economy. The country is also hoping to add more local solar panel manufacturing on top of existing inverter suppliers to build-out its local solar value chain even further.
Vlasios Souflis, International Business Development director, responsible for Lightsource bp’s global expansion said:
“Entering the Polish marketplace is a significant milestone for us, and we have done so with a sizeable portfolio. 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.
Michal Glowacki, Lightsource bp’s Head of Business Development for Poland, Lightsource bp said:
“We will focus now on expanding our presence in the country and building on this first deal. Lightsource bp’s goal is to contribute affordable, clean, low-carbon power to Poland’s electricity system at the gigawatt scale.”
Bogdan Kucharski, CEO of bp Poland stated:
“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. This is the direction in which we must move, and this is what society expects of us. 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. The goal is to significantly contribute to meeting the growing demand for energy from local and low-carbon solutions.”
Lightsource bp recently secured a $1.8 billion credit facility to support its new global ambition of developing 25GW of global solar capacity by 2025.
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