Lightsource BP aims to invest €900 million for 1.35 GW of PV projects in Portugal
Post date: 31/05/2021 - 08:31
Lightsource BP announces €900 million ($1,1 million) solar investment in Portugal to install 1.35 GW of local solar projects identified through co-development with local company INSUN for five utility-scale solar projects. The projects are in the early development stage and will be located in the regions of Moura, Castelo Branco, Mogadouro, Chamusca and Viseu.
Lightsource BP’s investment also include local job creation, procurement of local services, infrastructure improvements, biodiversity enhancements and community initiatives. Once operational, the facilities are in place for around 30 years.
Lightsource BP announced its move into the Iberian energy market in late 2018, and has currently a solar development pipeline of more than 2 GW in Spain, and with this transaction, now boasts over 3.5 GW across Iberia.
The company is also exploring opportunities for green hydrogen. »Solar is ideally placed to meet Portugal’s rapid expansion plans on growing its local renewable energy generation capacity as it has excellent irradiation levels, it is quick to deploy, and low-cost,« says Miguel Lobo, Country Head Portugal for Lightsource BP.
Portugal is aiming for a 47 percent share of renewables in its final energy use by 2030, across all sectors. It is targeting up to 2.5 GW of green hydrogen capacity by the end of the decade to further the decarbonization of heat and transport.