Lightsource BP Secures Debt Facility for 250 MW Solar Cluster in Spain

Lightsource BP 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.

Lightsource BP, a global leader in the development, financing, and operation of solar power projects has announced 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.

The firm moved into the Spanish energy market just over a year ago, and this announcement cements its position locally. Having only acquired this portfolio early autumn, the company 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 250 MW capacity.

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

With construction about to start imminently, the firm 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 maximize efficiency and boost levels of energy production.

Paul McCartie, chief investment officer for Lightsource BP said that “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 10 GW in the next five years.”