By Joe Hoppe

 

BP PLC's Lightsource BP said Tuesday that it has secured its first nine solar projects in Poland through a 757-megawatt co-development deal.

The solar energy company, which is 50% owned by BP, said the total capital expenditure to bring the entire pipeline to fruition could reach 500 million euros ($580.7 million), with around half of the projects ready for construction in 2022.

Once operational the projects will provide enough to power the equivalent of 362,870 homes, and will provide a stable foundation for Lightsource's long-term plans for Poland.

Some of the power will be sold on the open market, and Lightsource said it was actively seeking large companies to contract long-term power purchase agreements.

The projects--which are in Zachodnio-pomorskie, Lubuskie, Dolnoslaskie and Wielkopolskie--will also participate in future Polish renewable energy auctions, and will be developed with a local renewable energy company.

The company had said on Sept. 20 it secured a $1.8 billion credit facility to develop 25 gigawatts of solar power generation capacity by 2025.

"Entering the Polish marketplace is a significant milestone for us, and we have done so with a sizeable portfolio. The scope for growth in solar is huge, as renewables will be required to double their share on the grid in a short space of time," international business development director Vlasios Souflis said.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

October 19, 2021 07:13 ET (11:13 GMT)

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