Lightsource bp, a global leader in the development and management of solar energy projects and a 50:50 joint venture with bp is continuing its European expansion into Greece by snapping up over 40 per cent of the total awarded capacity in the latest solar and wind auction through a co-development partnership.
The successful projects are part of a larger 640 megawatts-peak (MWp) portfolio that will be developed with local firm Kiefer TEK, enabling Lightsource bp to launch as a major developer and investor.
“This is a landmark moment for our large-scale solar development team in Greece, which has been working on local opportunities for less than a year,” said Vlasios Souflis, responsible for the global expansion of Lightsource bp. “The auction process is enabling the country to accelerate the decarbonisation of its energy sector, while providing an attractive market for global energy players. We have entered the market in partnership with local experts Kiefer TEK who have been instrumental in helping us establish our presence.”
The solar market within Greece is primarily auction-based, driving participants to compete to achieve the best price possible. This auction win represents Lightsource bp’s ability to secure quality relationships that deliver results, creating a secure foundation for the company to continue its local growth. It also demonstrates the competitive pricing of solar, delivering value in addition to renewable power to local consumers. More than 1 gigawatt (GW) of wind and solar projects bid into the latest tender, awarding contracts for up to 350 MW with solar demonstrating record-breaking prices that undercut coal and natural gas costs. The average price awarded to Lightsource bp’s projects was 38.50 euro per megawatt-hour (MWh).
“We will now get to work on executing this pipeline and continue our efforts in seeking more high-quality opportunities to expand our footprint in the local market,” added Mr Souflis. “Deals like this help deliver local investment, jobs and clean electricity to fuel Greece’s economic recovery and help lay the foundations for its ongoing energy transition.”
“I am proud to see Lightsource bp’s first entry into the Greek renewables market to develop clean and affordable solar energy and to support the target of the Greek National Plan for Energy and Climate to increase the alternative energy share by 30 per cent by 2030,” said Thanasis Rigas, managing director of bp in Greece. “bp has been investing in Greece for over 90 years and now together with Lightsource bp in the renewables market, we are transitioning to a lower-carbon future.”