# Lightsource BP to enter Polish renewables market
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-10-19
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Lightsource BP enters Polish market with solar energy projects
Meta Description: Lightsource BP enters Poland with solar deal, developing enough clean electricity to power 362,870 homes. Largest solar developer in Europe. Exciting growth in
URL: https://financedigest.com/lightsource-bp-to-enter-polish-renewables-markethtml

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LONDON (Reuters) – [Lightsource](https://www.financedigest.com/bp-solar-joint-venture-expanding-in-australia-with-two-new-projects.html) BP said on Tuesday it was entering the Polish market with a deal to develop solar energy [projects](https://www.financedigest.com/cordant-projects-to-develop-eleven-moxy-hotels-across-uk.html) that will provide enough clean electricity to power the equivalent of 362,870 homes in Poland.

[Lightsource,](https://www.financedigest.com/bp-solar-joint-venture-expanding-in-australia-with-two-new-projects.html) Europe’s biggest solar power developer, said it had signed a deal with a Polish renewable energy company to co-develop a portfolio of 757 megawatts of solar [projects](https://www.financedigest.com/cordant-projects-to-develop-eleven-moxy-hotels-across-uk.html) in the country, with a total capital expenditure of up to 500 million euros ($583 million).

“Entering the Polish marketplace is a significant milestone for us, and we have done so with a sizeable portfolio. The scope for growth in solar is huge, as renewables will be required to [double their share](https://www.financedigest.com/permitted-share-of-chinas-yuan-in-russian-wealth-fund-doubled-to-60-finance-minister.html "Permitted share of China’s yuan in Russian wealth fund doubled to 60% -Finance Minister") on the grid in a short space of time,” said Vlasios Souflis, international business development director.

Poland gets the bulk of its electricity from carbon-intensive coal.

But pressure from the EU, rising carbon prices and a grassroots push for climate action have driven the government to back investments in renewables [projects](https://www.financedigest.com/cordant-projects-to-develop-eleven-moxy-hotels-across-uk.html) over the past two years, making it an increasingly [attractive destination for renewable energy investors](https://www.financedigest.com/5-ways-that-start-ups-can-attract-investors.html "5 Ways That Start-Ups Can Attract Investors").

[Lightsource’s](https://www.financedigest.com/bp-solar-joint-venture-expanding-in-australia-with-two-new-projects.html) deal comprises a [portfolio of nine projects](https://www.financedigest.com/ramboll-is-to-scale-project-portfolio-management-reporting-with-insight.html "Ramboll Is To Scale Project Portfolio Management Reporting With Insight") in the regions of Zachodnio-pomorskie, Lubuskie, Dolnośląskie and Wielkopolskie.

About [half of the projects could be ready for construction next year](https://www.financedigest.com/an-apple-a-year-half-of-iphone-users-will-upgrade-to-the-iphone-7.html "AN APPLE A YEAR: HALF OF IPHONE USERS WILL UPGRADE TO THE IPHONE 7"), it said.

($1 = 0.8583 euros)

(Reporting by Nina Chestney; Editing by Susan Fenton)


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