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.
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