Lightsource BP will now seek power purchase agreements for the solar portfolio. Credit: Lightsource BP Renewable Energy Investments Ltd.

UK-based Lightsource BP has acquired a 1.06GW portfolio of solar power projects across Spain from RIC Energy.

Under the terms of the deal, Lightsource BP and RIC Energy have also agreed to work in partnership to develop the 14 sites across Madrid, Andalucía, and Castilla y León.

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The initial set of projects are estimated to reach ‘ready to build’ state by the end of the year. They will then commence operations in different stages between 2022 and 2025.

Lightsource BP said it will take responsibility in bringing the solar project portfolio to financial closure and obtaining the construction contract with an EPC company.

The company has already started approaching potential energy off-takers to propose and negotiate power purchase agreements across Europe, lasting up to ten years.

A spokesperson also said that the transaction supports its commitment to develop renewable power projects in Spain, as well as its international expansion.

The company has not disclosed how much it paid for the portfolio.

Lightsource BP Europe and international CEO Kareen Boutonnat said: “This is our largest European acquisition to date, adding 1GW to Lightsource BP’s current pipeline and further cementing our presence in the Spanish energy market.

“Partnering with local developers enables us to deploy new projects quickly and safely, providing affordable and sustainable solar power for businesses and communities across the region. We are looking forward to working with RIC Energy and bringing this portfolio to financial close.”

Furthermore, the latest move follows the company’s acquisition and construction of a 250MW portfolio in Zaragoza in 2019, and a 100MW portfolio in Teruel in 2020, both from Forestalia.