Lightsource bp and Forestalia strengthen co-development alliance with 100MW of solar projects in Spain

Madrid, 23rd September – Lightsource bp, a global leader in development and management of solar projects, and Forestalia, a leading renewables firm in Spain, announced today that both companies have further strengthened their co-development partnership agreement with an additional 100 MW solar portfolio in the Spanish province of Teruel.

Comprising two utility scale solar plants in Calamocha and Cuevas de Almudén, Lightsource bp has acquired the sites from Forestalia at late stage development. Under the terms of the agreement, both parties will work closely together to progress the projects until they reach financial close and begin construction. It is estimated that the projects will create around 300 local construction jobs as well as some long-term operational engineering roles that will be confirmed at a later stage.

The partnership has already been successful in bringing to fruition a 250 MW solar portfolio in the province of Zaragoza which was announced late last year and marked Lightsource bp’s entry into the Spanish market. That cluster is now in final stages of construction and due to begin operations towards the end of 2020. The energy generated has been sold to BP’s European Gas and Power (EPG) business, part of the Group’s supply and trading business, via a 7-year Power Purchase agreement (PPA).

Kareen Boutonnat, Lightsource bp CEO for Europe and International comments:

“It’s very exciting to continue building on our co-development partnership with Forestalia and adding a further 100 MW to our portfolio in Spain. Working with local partners is an essential business model for Lightsource bp. It enables us to widen our reach quickly but also build upon the really great work already being done at a local level.”

Highlighting the great importance of renewable energy for rural areas, Fernando Samper, President of Forestalia said:

“This new agreement with Lightsource bp guarantees very important investments for the province of Teruel, as the plants will create jobs in a territory that needs new opportunities for the future”.

MAIO Legal, Uría Menéndez, WSP and Garrigues advised Forestalia and Lightsource bp on transaction.