London — Lightsource bp has acquired an 845 MW solar portfolio in Spain from Iberia Solar, part of the Asterion Energies platform, Lightsource bp said Feb. 15. No price was put on the deal.
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Lightsource bp and Iberia Solar are to work together to bring the project pipeline, consisting of five sites across Castilla la Mancha and Castilla y León, to "ready-to-build" status, it said.
"Lightsource bp will then lead the projects to financial close and begin construction in 2022," it said.
The company, 50% owned by oil company BP, now has 2.25 GW of solar projects in development or under construction in Spain.
The announcement follows the acquisition of a 1.06 GW portfolio from RIC Energy and the recent award at a 12-year Contract for Difference auction in Spain, both made public in January.
In January, Spain placed 2 GW of solar PV capacity in its first auction since 2017 at an average price of Eur24.47/MWh ($29.70/MWh).
The prices of the PV capacity awarded ranged from Eur14.89/MWh to Eur28.90/MWh.
The average outcome price was 43% lower than the prevalent curve prices for the 12-year period of the contracts' duration, Spain's Ecological Transition Ministry said.
The new capacity could bring pool prices down by Eur1.30/MWh once online, the Ministry said, made up of Eur0.80/MWh from displacing thermal plants from setting the marginal price, and a further Eur0.50/MWh from incorporating the auction prices in the market price.
The price effect is likely to be seen from 2023, it said, once much of the capacity is online.
The government intends to hold a number of auctions between 2021 and 2025 to bring it closer to its 2030 National Energy and Climate Plan target of 60 GW of new renewable capacity.