The Lightsource BP solar joint venture has made another big swoop in Spain that has taken its pipeline of such projects there past 3 gigawatts.

The developer bought a 703-megawatt pipeline portfolio from Grupo Jorge consisting of three projects in Aragon.

Are you missing out on ACCELERATE?
Gain valuable insight into the global oil and gas industry's energy transition from ACCELERATE, the free weekly newsletter from Upstream and Recharge.

Lightsource BP — BP's renewable energy partner in which the supermajor holds a 50% stake — said what it described as its European “execution machine” has now passed the 3GW pipeline mark in Spain, the majority of it amassed in the last six months.

The country has emerged as a favourite target for solar developers due to a combination of sunny conditions and opportunities to strike corporate power deals, while potential green hydrogen projects are also on BP's Spanish radar.

The joint venture also recently expanded its interests into Portugal and Greece, as it continues a rapid global expansion drive that chief executive of Europe and International Kareen Boutonnat told Upstream's sister renewable energy publication Recharge was aided by BP’s ability to unlock doors in new markets.

Asian markets are now also high on the agenda for Lightsource BP, Boutonnat said.

BP chief executive Bernard Looney has hailed Lightsource BP’s ability to deliver solid returns in the 8% to 10% range that the supermajor is targeting for a wider stable of renewable energy projects that will span wind, photovoltaics and bioenergy — and a net 50GW 2030 target that’s among the most ambitious of any fossil fuel group.

The other key plank of BP’s plans is offshore wind, where the supermajor this week announced its latest market foray by joining a consortium to bid in Norway’s upcoming tender.

(This article first appeared in Upstream's sister renewable energy publication Recharge on 18 June, 2021.)