Lightsource bp, a global leader in the development and management of solar energy has secured its first projects in Poland through a 757 megawatts-peak (MWp) co-development deal.
This agreement demonstrates the shifts in Poland’s dynamic power market as the country accelerates towards renewable energy sources and away from coal. The total CAPEX to bring the entire pipeline to fruition could reach 500 million euros. Lightsource bp has closely vetted the portfolio, providing valuable insight into the potential of the projects and the Polish solar market. Around half the projects could be ready for construction in 2022.
“This is the direction in which we must move and this is what society expects of us,” said Bogdan Kucharski, CEO of bp Poland.
Lightsource bp plans to sell some power on the open market and is actively seeking large corporations to contract via long-term power purchase agreements. These projects will also participate in future rounds of Poland’s renewable energy auctions.
Once operational the projects will provide enough clean electricity to power the equivalent of 362,870 Polish homes. This project pipeline provides Lightsource bp with a stable foundation for its long-term gigawatt-scale development ambitions in Poland.
Indeed, the solar landscape in Poland has grown significantly in recent years as more projects are being developed and connected to the grid, with a capacity of over 6 gigawatts (GW) currently installed. The nation is looking to increase its proportion of renewables in final energy consumption and solar will play a pivotal role in this transition: as the lowest cost of energy in history, photovoltaics will allow Poland to decarbonise economically and efficiently while creating employment opportunities and boosting a home-grown green economy. The country is also hoping to add more local solar panel manufacturing on top of existing inverter suppliers to build out its local solar value chain even further.
“Entering the Polish marketplace is a significant milestone for us and we have done so with a sizeable portfolio,” said Vlasios Souflis, International Business Development Director, responsible for Lightsource bp’s global expansion. “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.”
Lightsource bp recently secured a 1.8 billion US dollars credit facility to support its new global ambition of developing 25 GW of global solar capacity by 2025.