Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide.
Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp.
The average contract lasts 12 years.
The firm stated that some of the 10 transactions were made public last year, but not all. The firm did not disclose the value of these deals.
PPAs are contracts that last for a long time between an electricity producer and a buyer, such as a company or government. During this period the buyer purchases energy at a set price.
Corporate buyers want to secure supply and meet their targets for sourcing cleaner power.
"Buyers have become more sophisticated. Buyers are seeking partners that can provide a portfolio of international projects. Lightsource Bp is ideally positioned to offer this flexibility to buyers, allowing them to diversify and reduce their risks. We are active in 20 countries globally," Zosia Risner, Lightsource's global chief commercial officer, said.
Pexapark's report released early in February revealed that Amazon was the largest buyer of PPAs across Europe in the past year. Iberdrola, Spain, was ranked as the top seller with 1,25 GW worth of deals, which is 38% higher in volume terms.
Lightsource bp said that it will also make a 500 megawatt utility-scale portfolio of solar and energy storage available to PPAs in Iberia this year, a region with high solar radiation. Solar power is still competitively priced.
The firm also said that Portugal, Greece, and Poland would be growing markets.
Last year, BP acquired its remaining 50.03 percent stake in Lightsource bp. (Reporting and editing by David Holmes; Nina Chestney)
(source: Reuters)
