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By Oliver Griffin
Lightsource BP, a renewable energy company in which BP PLC (BP.LN) holds a 43% stake, said on Wednesday that it has acquired a 300 megawatt project portfolio from Forestalia Group in Spain.
Lightsource BP said the acquisition of the assets--for which no consideration was disclosed--marked its entry into the Iberian power market. The company aims for global production of 10 gigawatts a year by 2023.
The company said that its acquisition of permit-ready areas are vital to its growth in the region.
Acquisition of the projects, split over six sites, will be financed by Lightsource BP's "innovative structures," the company said.
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(END) Dow Jones Newswires
October 16, 2019 05:32 ET (09:32 GMT)
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