Lightsource bp, a 50:50 joint venture between Lightsource and BP PLC (LSE:BP.), is set to become the largest solar developer and owner in Australia after construction started on the Wellington North and Wunghnu solar farms.
Lightsource said it is set to reach financial close later this year on the two new solar farms for a total cost of A$800mln (£465mln), Reuters reported.
The Wellington North and Wunghnu farms are due to be completed in 2024, while Its West Wyalong and Woolooga solar farms are due to be completed by the end of this year.
Lightsource bp now has five projects in operation and under construction across New South Wales, Queensland, and Victoria, totalling more than 1 gigawatt of generating capacity.
The company entered the Australian market four years ago.
It said it sees the acceleration of renewables happening faster than previously anticipated, and expects its operations in Australia to make a significant contribution to the group’s global target of developing 25 gigawatts of solar developments by 2025.