Lightsource BP closes finance for 100-MWp of solar in Spain

UK’s Lightsource BP said today that it has closed a EUR-52-million (USD 61.5m) loan to support the construction of two 49.5-MWp solar PV projects in Spain's Aragon region.

The term loan was provided by lenders National Westminster Bank (NatWest), Intesa Sanpaolo SpA (BIT:ISP), Banco Santander SA (BME:SAN) and Banco de Sabadell (BME:SAB).

The twin projects were given one name, Barrica, and will be spread across two different sites in Teruel province. The UK solar energy developer purchased the projects from Spanish renewables firm Forestalia in August 2020.

The Barrica solar farms will be equipped with some 200,000 bifacial panels mounted on single-axis trackers, and expectedly generate enough power to meet consumption needs of some 45,890 Spanish homes.

Spain-based Grupotec Servicios Avanzados SA has been hired to serve as the EPC contractor.

Lightsource BP expects the plants to reach full operation in 2022, it said. Once online, the solar farms will operate under a long-term power purchase agreement (PPA) with the European power trading team of BP Plc (LON:BP), a UK oil-and-gas major and a shareholder of Lightsource BP.

The financial close comes shortly after Lightsource commissioned the 247-MWp Vendimia PV park, its first solar project in Spain, and crossed the 3-GW line of projects in the Spanish pipeline.

Lightsource BP plans to invest EUR 2 billion in Spain over the next five years, the company added.

(EUR 1.0 = USD 1.18)

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