November 7, 2018 / 3:02 PM / 9 days ago

Lightsource BP expands U.S. portfolio with two new solar projects

LONDON (Reuters) - Lightsource BP, Europe’s biggest solar energy developer, will expand its U.S. portfolio after signing a deal to build two solar projects, the UK-based company said on Wednesday.

The 16 megawatt (MW) Wildflower Solar project will be built in California and has secured a 20 year plus power purchase agreement (PPA) with California’s Sacramento Municipal Utility District.

Lightsource BP will also develop a 9 MW solar project in New Mexico which has a PPA with New Mexico’s Continental Divide Electric Cooperative.

No financial details were released.

Both projects will be constructed and completed in 2019, Lightsource BP CEO Nick Boyle said in a phone interview.

Oil major BP (BP.L) acquired a 43 percent stake in Lightsource last year.

“The U.S. is a hugely important market for BP and it is hugely important for Lightsource BP,” Boyle said.

“We are working on a very significant pipeline in the U.S. and this announcement is one of many that will flow though,” he said.

Earlier this year Lightsource BP bought a 135 MW portfolio of six solar assets in Pennsylvania and Maryland from Orion Renewable Energy Group LLC.

It also announced plans to build a 20 MW plant in Kansas which has a 25 year power purchase agreement with Mid-Kansas Electric Company.

Reporting by Susanna Twidale and Ron Bousso; editing by Jason Neely

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