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.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

October 16, 2019 05:32 ET (09:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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