Lightsource BP attracted by PPA market in Iberia

Lightsource BP, the BP Plc (LON: BP) backed solar power business, announced today it has created a team in Madrid to supply electricity to corporate and utility customers in Iberia.

The company said in a statement that its new team will look to buy and co-develop large-scale ground mount solar projects across the Iberian Peninsula and also establish a greenfield pipeline of solar schemes that can be executed in the next few years. The goal is to provide locally generated renewable power to corporate and utility customers via power purchase agreements (PPAs).

“The Iberian power market is changing dynamics. The shift towards subsidy-free, liberalisation, interconnectors and growing interest in PPA projects has led to a new boom across the sector and we are set to capitalise on this opportunity,” commented Nick Boyle, Lightsource BP Group CEO.

Lightsource BP already has activities across Europe and specifically in the UK, Ireland, Netherlands and Italy. The company’s existing solar portfolio approximates 2 GW.

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