May 14 (Renewables Now) - Institutional investor Caisse de depot et placement du Quebec (CDPQ) will provide GBP 150 million (USD 194.4m/EUR 173m) in debt financing for an over 700-MW solar portfolio owned by Lightsource BP, the solar power business backed by BP Plc (LON:BP).
The particular portfolio consists of more than 100 photovoltaic (PV) projects in different countries. At a later point, the facility could be expanded with an additional CDPQ investment to support other assets in the pipeline of Lightsource BP, it was announced on Monday.
“This platform marks the beginning of a very exciting opportunity for both companies as it supports both Lightsource BP’s ambition to become a world-leading owner and operator of solar assets and CDPQ’s commitment towards sustainable investing,” said Paul McCartie, group chief investment officer, Lightsource BP.
Lightsource BP operates in Europe, the Middle East and Africa (EMEA), Asia-Pacific (APAC) and the Americas. It currently has over 2 GW of solar capacity under management and a goal to expand its solar portfolio to 10 GW in the next five years. CDPQ, meanwhile, aims to cut its carbon footprint by 25% per dollar invested by 2025.
(GBP 1.0 = USD 1.296/EUR 1.153)