Asterion Industrial Partners, through Asterion Energies and its partner Iberia Solar, sells an 845 MW solar portfolio in Spain to Lightsource bp

  • Since inception in 2019, Asterion Energies has grown significantly with currently more than 4.5 GW of wind and photovoltaic projects under development in Spain, France, and Italy.
  • Asterion Energies intends to participate on the development, construction, and operation of renewable capacity in Italy, France, Portugal, and Spain.
  • This transaction with Lightsource bp is framed in Asterion Energies’ strategy of rotating certain assets to continue financing its development and construction activities, while minimising risk.

15 February 2021 – Iberia Solar, a local solar developer part of the Asterion Energies platform -a portfolio company of Asterion Industrial Partners- has today announced the sale of an 845 megawatt (MW) solar portfolio in Spain to Lightsource bp, a global leader in the development and management of solar energy projects.

 

Iberia Solar and Lightsource bp will work in partnership to bring the project pipeline, which consists of five sites across the regions of Castilla la Mancha and Castilla y León, to “Ready-to-Build” status. Lightsource bp will then lead the projects to financial close and begin construction in 2022.

 

Lightsource bp now has a total of 2.25GWs of projects in development or under construction in Spain, offering of a geographically balanced portfolio in one of its key growth markets. The signing of this partnership brings Lightsource bp’s total acquisitions for Q1 2021 to over 1.9GW, an impressive achievement with the year only just underway. The announcement follows the acquisition of a 1.06GW portfolio from RIC Energy and the recent award at a 12-year Contract for Difference (“CfD”) auction in Spain, both made public in January.

 

While partnering with Lightsource bp in developing these projects until Ready-to-Build stage, Asterion Energies through its Iberia Solar partnership will continue to progress its own remaining portfolio of c.1GW of projects in Spain, as well as extend the diversified renewables platform across Europe in different technologies as part of its commitment to the energy transition and contribute to the ambitious EU renewables target of 32% of generation by 2030.

 

Jesus Olmos, CEO of Asterion Industrial Partners, said: “We have created, through Asterion Energies, a diversified platform focused on all stages of renewable energy development, construction, operation and management, which has significantly grown since inception in May 2019, with currently more than 4.5 GW of wind and photovoltaic projects under development in Spain, France and Italy.  We are excited about the ability to rotate certain assets to allow the company to continue financing its development and construction activities, while minimising risk. In this respect, we are delighted to have gained the trust of a highly reputable counterparty in Lightsource bp. We are equally pleased to have the Iberia Solar team onboard, led by Erik Martel and Ignacio Martínez, who have been instrumental in the development and divestment of this first portfolio of high-quality PV projects.”

 

Erik Martel and Ignacio Martínez, founders of Iberia Solar, further added: “This new partnership with Lightsource bp represents a transformational transaction for Iberia Solar and our pipeline of solar projects in Spain, achieved with the backing of Asterion and their belief in our business model, proprietary execution strategy and relentless focus on excellence through teamwork. Having nurtured these five particular projects of 845MW from conception to their current state of being granted admission into the formal and final permitting process is a testament to the success of such strategy and we look forward to delivering them at ready-to-build in short order.

 

Kareen Boutonnat, CEO of Europe and International at Lightsource bp commented: “We are pleased to partner with Iberia Solar and Asterion and look forward to working with them to bring these projects to “ready to build” status. This transaction takes our total acquisitions to almost 2GW in 2021 alone and clearly demonstrates our commitment to playing a leading role in the energy market in Spain.”

 

 

Lightsource bp were advised by Uría Menéndez, Garrigues and WSP and Iberia Solar was advised by Ontier.

ABOUT ASTERION INDUSTRIAL PARTNERS

 

Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market. Headquartered in Madrid and with presence in London and Paris, Asterion combines transactional and operational experience with an industrial approach and active asset management within an independent and nimble platform. Asterion aims to promote operational transparency, responsible investment practices, best-in-class governance and a strong culture both for itself and in the companies in which it invests.