Lightsource bp to invest €900 million in Portugal solar development

The Largest solar developer in Europe, Lightsource bp will invest around €900 million in Portugal solar development.

The company will enter into co-development partnership with local company named INSUN for five utility-scale projects. These projects will add over 1.35GW of low-carbon renewable power to Portugal’s energy mix.

The projects are currently in the early stage of development and will be located in the regions of Castelo, Moura, Mogadouro, Branco, Viseu and Chamusca.

The investment by Lighthouse bp in solar projects will also include infrastructure improvements, procurement of local services, biodiversity enhancements and community initiatives and also local Job creation.

These projects will be in place for around 30 years, once operational because of which long term opportunities will be created to build on additional economic development beyond producing renewable power locally.

The head of country for bp Portugal, Pedro Oliveira said:

“I am delighted that Lightsource bp will be developing clean and affordable solar energy for Portugal, supporting the national ambition to reach our 2030 renewable energy target. bp is committed to continue to support the transition to a lower carbon world, and to reach net zero by 2050 or sooner.”

The Country Head of Portugal for Lightsource bp Miguel Lobo, said:

“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. If Portugal is efficient by adding new solar generation quickly, it will accelerate decarbonisation and it will contribute to reduce electricity prices.

He also mentioned that there is lot of potential with in the energy mix. there will also be opportunities with growing technologies like storage and green hydrogen that are attracting new investment players across the energy value chain, and that is a huge benefit to our country.”