€900 million solar investment in Portugal
Lightsource bp, a 50:50 joint venture with bp and a global leader in solar development announces today that it has entered into a co-development partnership with local company INSUN for five utility-scale solar projects. Collectively, the projects aim to add over 1.35GW of low-carbon, renewable power to Portugal’s energy mix.
The projects are in the early development stage and will be located in the regions of Moura, Castelo Branco, Mogadouro, Chamusca and Viseu. Lightsource bp’s investment into these solar projects also include local job creation, procurement of local services, infrastructure improvements, biodiversity enhancements and community initiatives. Once operational, these projects are in place for around 30 years, creating longer-term opportunities to build on additional economic development beyond producing renewable power locally.
Solar is well suited to support Portugal’s National Energy and Climate Plan’s 2030 targets due to its scalability, short deployment cycles and having the lowest electricity generation costs in history. It is a cost-effective solution to meet the urgent need of rising energy demand through local and low-carbon solutions.
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