Lightsource bp, a 50:50 joint venture with bp and a global leader in solar development, announced recently that it has entered into a co-development partnership with local company INSUN for five utility-scale solar projects. Collectively, the projects aim to add over 1.35GW of low-carbon, renewable power to Portugal’s energy mix.(Photo quoted from bp’s website)
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 into these solar projects also include local job creation, procurement of local services, infrastructure improvements, biodiversity enhancements and community initiatives.
Once operational, these projects are in place for around 30 years, creating longer-term opportunities to build on additional economic development beyond producing renewable power locally.
Lightsource bp announced its move into the Iberian energy market in late 2018, initially setting up in Madrid, and in 2019 opened its office in Lisbon, with a highly experienced local team. In just two short years, Lightsource bp has grown its solar development pipeline to over 2 Gigawatts in Spain, and with this transaction, now boasts over 3.5 GW across Iberia. The company is also actively exploring opportunities for green hydrogen.
Solar is well suited to support Portugal’s National Energy and Climate Plan’s 2030 targets due to its scalability, short deployment cycles and having the lowest electricity generation costs in history. It is a cost-effective solution to meet the urgent need of rising energy demand through local and low-carbon solutions.
Solar is also becoming increasingly attractive to corporate buyers looking to reduce emissions, meet sustainability targets and diversify their energy mix.
Portugal is aiming for a 47 percent share of renewables in its final energy use by 2030, across all sectors, not just the power sector. It is targeting up to 2.5GW of green hydrogen capacity by the end of the decade to further the decarbonisation of heat and transport.
Billions of Euros of private investment is already flowing into Portugal for green hydrogen projects and there is huge potential for solar to help drive down production costs through cheap power generation.
Lightsource bp has successfully partnered with authorities in the UK and Australia to establish large-scale green hydrogen projects and is actively exploring green hydrogen projects in Portugal as well.
(IRuniverse)
