December 6, 2021

The Japan Herald

About Japan, Global Green Energy and Space Market

With a €500 million deal, Lightsource bp enters the Polish renewables industry

2 min read

In Poland, Lightsource bp has unveiled its first renewable energy initiatives. Lightsource bp has agreed to create 757MWp of the solar energy capacity in Poland with a local energy company. In the regions of Zachodniopomorskie, Dolnolskie, Lubuskie, and Wielkopolskie, 9 projects will be developed. In 2022, construction on around half of the capacity is going to commence. Once completed, the 757MWp projects will provide power to 363,870 households. According to a release, Lightsource bp is going to invest $582 million (€500 million) to get the full pipeline online.

Lightsource bp wants to grow its footprint in the renewables industry and seize chances in the Polish industry as the country increases its clean energy industry in response to climate change. The company is employing a $1.8 billion credit line to meet its new global goal of building 25 gigawatts of solar energy by 2025. Although in comparison to its European rivals, Poland has slowly developed its renewable energy sector, the country still substantially depends on fossil fuels, primarily coal. Poland has installed 6 gigawatts of solar energy capacity and wants to add more.

With the European Union advocating for further deployment of renewable energy sources such as wind, solar, and hydrogen, Poland will have a variety of changes in the coming years. The calls are also putting on the Polish government to speed up its energy decarbonization initiatives. Expanding renewables deployment is intended to help Poland create additional green jobs and revitalize its economy following the pandemic, in addition to cutting emissions.

“Poland is facing enormous problems connected to the energy transformation by the year 2040,” said Bogdan Kucharski, bp Poland’s CEO. “Ultimately, the Polish energy industry and the economy will rely primarily on renewable energy sources.”

“This is the path we must take, and this is what society requires of us.” That is why I am pleased that Lightsource bp will create solar energy for Poland, thereby contributing to our country’s national renewable energy goal. The goal is to make a major contribution to meeting rising energy demand through local as well as low-carbon solutions.” Lightsource bp intends to sell the clean electricity generated by the facilities on the open market and through long-term power purchase agreements (PPA) to large enterprises.

“Entering the Polish marketplace is a key milestone for us, and that we have done so with a sizeable portfolio,” Vlasios Souflis, who serves as the International Business Development Director, overseeing Lightsource bp’s global expansion, stated. Solar has a lot of room for expansion because renewables will need to quadruple their grid share in a short period.”

“We will now focus on increasing our footprint in the country and developing on this initial deal,” Lightsource bp’s Senior Business Development Manager for Poland, Michal Glowacki, stated. The purpose of Lightsource bp is to provide Poland’s electrical system with clean, affordable, low-carbon power on a gigawatt scale.”

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