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.
30 Nov, 2023
bp agrees to take full ownership of Lightsource bp
bp has agreed to acquire the 50.03% interest it does not already own in Lightsource bp, enabling Lightsource bp’s continuing growth and high performance.
29 Nov, 2023
Solar and nature in perfect harmony
SolarPower Europe have released this year’s entries for their 2023 photo competition, Lightsource bp has submitted three entries, showcasing our projects in the UK, Greece and
27 Nov, 2023
Team onboarding: Lightsource bp site visits in 2023
This year, Lightsource bp hosted eight onboarding solar site visits. A total of 285 team members, including 25 interns, were actively engaged in these informative sessions.
24 Nov, 2023
Lightsource bp celebrates two years in France
With a 700 MW solar project pipeline, our team in France is committed to actively contributing to a sustainable future powered by solar energy.
24 Nov, 2023
Lightsource bp announced as finalists at UK Business Awards
We are incredibly proud to announce that Lightsource bp has been announced as finalists in two categories in the UK Business Awards (UKBA) 2023.
23 Nov, 2023
Lightsource bp enables smaller businesses to access the benefits of solar
Inviting participants to join a collective, European multi-buyer corporate power purchase agreement (PPA) for a portfolio of solar assets.
16 Nov, 2023
Here’s what the electrical grid of the future looks like
Today’s grids were built for a different age. A grid powered by renewables looks very different – with energy storage playing a key role in balancing supply and demand.
15 Nov, 2023
30 team members receive SCQF Level 7 qualification
Lightsource bp is committed to supporting team members expanding their knowledge and skills, and we are proud to offer a range of learning and development opportunities to all
14 Nov, 2023
Be the change: philanthropy update
See how we have been giving back recently, from Lightsource Foundation news and events, to community projects.
10 Nov, 2023
How a global renewable target can supercharge the solar sector
Electricity was responsible for 28% of all greenhouse gas emissions in 2020. Fortunately, we have a scalable, proven and affordable solution – renewable energy.