GLOBAL

Lightsource BP signs financing agreements with Natwest for unsubsidised utility scale solar cluster in Spain

Lightsource BP, a global leader in the development, financing and operation of solar power projects announced today that it has signed a senior debt facility with NatWest Markets to fund its first Spanish solar project cluster of 250 MW in the province of Zaragoza. Once operational the cluster will be one of Spain’s first few utility scale subsidy-free projects.

Lightsource BP moved into the Spanish energy market just over a year ago, and this announcement cements the company’s position locally. Having only acquired this portfolio early autumn, Lightsource BP has managed to secure financing for its first Spanish project in just a few months along with a 7-year Power Purchase Agreement (PPA) with BP’s European Gas and Power (EGP) Business, which is part of the Group’s supply and trading business, for the entire 250MW.

The solar power generated will produce approximately 500GWh of clean, renewable electricity a year.

This financing follows similar facilities between Lightsource BP and NatWest Markets elsewhere and:

  • Backs Lightsource BP’s ambition to become a world leading owner and operator of solar assets,
  • Aligns with NatWest Markets’ commitment to funding the sustainability energy sector

NatWest Markets are underwriting the entire financing.

With construction about to start imminently, Lightsource BP has appointed leading Andalusia-based EPC contractor, Prodiel and plans for the cluster to be operational by January 2021.

The solar panels procured for this project are Trina Pro’s bifacial modules and trackers with inverters from Power Electronics. This combination will allow Lightsource BP to operate the site to maximum efficiency and boost levels of energy production. It is a clear indication of the strength of the company’s supply chain and developmental expertise, as well as Lightsource BP’s ability to form strong partnerships with other industry leaders.

Paul McCartie, Chief Investment Officer for Lightsource BP comments:

“The speed at which we have brought this deal together is a huge testament to what Lightsource BP can bring to the Spanish Energy Market. Working out of Madrid, we have a very capable team that can manage the entire lifecycle of projects from development and financing through to asset management and operations.

We are pleased to be in partnership with BP and NatWest Markets on our first deal in Spain. We have now made our mark on the local market which is another step towards the company’s wider goal of achieving 10GW in the next five years”

Craig Love, Managing Director at NatWest said: “As we strive to grow our renewables business in Western Europe, we are thrilled to partner with Lightsource BP in Spain as part of its global development. This aligns perfectly with our commitment to increasingly focus our efforts on the sustainable energy sector as we build a purpose-led bank, facing up to the climate challenge with the communities we serve”.

Legal advisors were Watson Fairley Williams, Ashurst and Uria Menendez. Technical Advisors were RINA and Advisian, and Alvarez & Marsal.

News

28 Apr, 2025

Lightsource bp celebrates World Safety and Health Day 2025

Lightsource bp celebrates World Day for Safety and Health at Work. At Lightsource bp, safety isn’t just one of our core values, it’s ingrained in our culture.

Read Story

22 Apr, 2025

Celebrating Earth Day: Renewable energy for our world

Lightsource bp celebrates Earth Day! We're safely delivering large-scale renewable energy projects to create sustainable value for our people, partners and planet.

Read Story

03 Apr, 2025

Brazil: Milagres named among top solar developers in 2024 

Lightsource bp’s Milagres solar farms have been recognised as top-performing renewable energy projects in Brazil, ranking among the top 20 solar developers by e-Power Bay.

Read Story

02 Apr, 2025

Lightsource bp contributes to the World Economic Forum’s conversation on responsible renewables deployment practices

Lightsource bp’s Penny Laurenson, Global Head of Sustainability, contributed to WEF’s conversation and thought leadership on responsible deployment practices.

Read Story

19 Feb, 2025

10 Power Purchase Agreements signed and 1.3GW contracted in 2024

Lightsource bp achieved a significant milestone in 2024 by securing 10 power purchase agreements (PPAs) totalling 1.3GW across Europe, the Americas and APAC.

Read Story

12 Feb, 2025

Lightsource bp enters Japan market with first renewable energy project 

Lightsource bp, a global leader in renewable energy, has announced its entry into the Japanese market with the acquisition of a 15MWp solar project in Hokkaido.

Read Story

29 Jan, 2025

Spain: Lightsource bp’s projects receive UNEF’s ‘Sustainability Excellence Certificate’

Lightsource bp’s utility scale projects Valle 3 and Valle 4 have been recognised with the prestigious UNEF ‘Sustainability Excellence Certificate’.

Read Story

08 Jan, 2025

Portugal: Exus Renewables acquires Lightsource bp’s 130MWp Cibele Portuguese solar farm

Acquisition strengthens Exus’ growing European renewable energy portfolio, and rising position as a global independent power producer

Read Story

15 Dec, 2024

Australia: Lightsource bp reaches major milestone on solar and battery projects to deliver firmed renewable energy solutions 

Lightsource bp announces it is commencing construction on its Goulburn River hybrid project and its Woolooga Battery Energy Storage System (BESS).

Read Story

29 Oct, 2024

Wool quality and sustainability: Insights from Lightsource bp’s Wellington solar farm 

Lightsource bp has seen promising results from the second round of wool testing at its Wellington solar farm, in New South Wales, Australia.

Read Story