bp Completes Full Acquisition of Lightsource bp to Boost Onshore Renewable Energy Portfolio

bp Completes Full Acquisition of Lightsource bp to Boost Onshore Renewable Energy Portfolio

(IN BRIEF) bp has completed its acquisition of the remaining 50.03% interest in Lightsource bp, enhancing its position in the onshore renewable energy sector. This acquisition brings bp full control over Lightsource bp’s 62 GW solar and battery storage development pipeline across 19 global markets. Lightsource bp will continue operating under its own brand while bp leverages the acquisition to support its renewable energy needs, including power trading, EV charging, and green hydrogen. Both companies aim to scale operations and drive profitability in alignment with bp’s low-carbon strategy.

(PRESS RELEASE) LONDON, 25-Oct-2024 — /EuropaWire/ — bp has officially completed its acquisition of the remaining 50.03% interest in Lightsource bp, a leading global player in utility-scale solar and battery storage. The move solidifies bp’s commitment to renewable energy, expanding its presence in the sector with Lightsource bp’s 62 GW development pipeline across 19 markets worldwide.

Lightsource bp, while now fully owned by bp, will continue to operate independently under its established brand, retaining its unique model and approach to delivering renewable energy. bp aims to leverage the acquisition to enhance its renewable portfolio, potentially bringing in a strategic partner to unlock further value in the future.

William Lin, bp’s Executive VP for Gas and Low Carbon Energy, commented: “This acquisition establishes a robust platform for onshore renewables within bp, combining solar, wind, and battery assets to meet growing energy needs. By integrating Lightsource bp’s assets, we’re able to enhance our power supply for operations like trading, EV charging, and green hydrogen production in a capital-light way that generates broad value.”

Lightsource bp employs a develop-and-farm-down model, selling majority stakes in projects to strategic partners. This approach will continue, supporting bp’s renewable ambitions and enhancing its low-carbon energy goals.

Joaquin Oliveira, CEO of Lightsource bp, expressed enthusiasm for the next phase, saying, “We’re excited to elevate Lightsource bp’s growth, profitability, and performance, continuing to scale our successful model while contributing to bp’s expanding low-carbon energy initiatives.”

With the acquisition finalized, bp has consolidated Lightsource bp’s finance debt, providing added stability for the combined operations.

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SOURCE: Lightsource bp