Lightsource BP, a green energy venture partially owned by oil and gas giant BP, announced on June 18 that it bought three PV projects that are still in development from Jorge Energy, a subsidiary of Jorge Group. The three projects are located in Aragon, an autonomous region in Spain, and have a total generation capacity of 703MW. Jorge Group is a conglomerate with a strong focus on pork production. Its subsidiary Jorge Energy develops local PV, wind, and co-generation projects.
Two of the three projects are located in the province of Zaragoza (292MW and 130MW), whereas the third one is located in the province of Huesca (281MW). The three projects will not enter the construction phase until next year. The transaction value has yet to be disclosed, but Lightsource BP told Reuters and other energy news platforms that it will invest €475 million into the development of the three projects and create 1,000 jobs in the process.
Lightsource BP also said that it will set up an auction to find buyers for the electricity generated by the three projects. The sales of the electricity will be arranged under PPAs. According to reporting by news agencies, Lightsource BP’s PV project pipeline in Spain has a total generation capacity that surpasses 3GW. The company has rapidly acquired many local projects through acquisitions and joint investment deals. It is also expanding into the solar markets of Portugal, Greece, the US, and Asian countries. BP recently told the Guardian that it plans to extend its renewable energy project pipeline to 25GW by 2025 and 50GW by 2030.
