{"id":434909,"date":"2024-10-24T16:00:45","date_gmt":"2024-10-24T16:00:45","guid":{"rendered":"https:\/\/lightsourcebp.staging.1int.co.uk\/news\/bp-completes-acquisition-of-lightsource-bp\/"},"modified":"2024-10-28T16:36:35","modified_gmt":"2024-10-28T16:36:35","slug":"bp-completes-acquisition-of-lightsource-bp","status":"publish","type":"post","link":"https:\/\/lightsourcebp.staging.1int.co.uk\/tt\/news\/bp-completes-acquisition-of-lightsource-bp\/","title":{"rendered":"bp completes acquisition of Lightsource bp"},"content":{"rendered":"
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bp completes acquisition of Lightsource bp<\/h1>\n <\/div>\n <\/div>\n <\/div>\n\n
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bp has completed its acquisition of the remaining 50.03% interest in Lightsource bp, one of the world\u2019s leading developers and operators of utility-scale solar and battery storage assets.<\/strong><\/p>\n

In November 2023, bp announced it had agreed to acquire the 50.03% interest it did not already own in Lightsource bp, subject to certain closing conditions. With the transaction now complete, Lightsource bp expands bp\u2019s presence globally in the onshore renewable energy industry, with a 62GW development pipeline and operations spanning 19 global markets.<\/p>\n

While bp will take on full ownership, Lightsource bp will retain its standalone operating model and independent brand, delivering renewable and affordable energy to businesses and communities across the world. bp will look to unlock further value by bringing a strategic partner into the business in due course.<\/p>\n

William Lin, bp\u2019s executive vice president for gas and low carbon energy, said: \u201cThis deal creates an engine for onshore renewable power development at bp \u2013 combining wind, solar and batteries to generate the energy flows our traders need to optimise value and the electrons our customers want. It also helps us with our own power demand. Ultimately, this capital-light model will help create significant value for bp\u2019s wider operations. We now look forward to welcoming the team into our global business, helping Lightsource bp continue to build on its market-leading position.\u201d<\/p>\n

Lightsource bp operates with a develop, engineer, construct and farm-down business model that creates value through selling majority interests in assets it has developed to strategic partners. The acquisition will also help bp meet its own demand for cost competitive, low carbon power, including for power trading, EV charging, biofuels and green hydrogen.<\/p>\n

Joaquin Oliveira, Lightsource bp\u2019s group chief executive, added: \u201cI\u2019m excited to begin the next chapter, taking Lightsource bp to a new level of profitability, growth and performance. We will continue to scale this successful business, and also apply its capabilities to support bp\u2019s low carbon energy business.\u201d<\/p>\n

Following closure of the transaction, bp has consolidated Lightsource bp\u2019s Finance Debt and eliminated an existing guarantee issued by bp.<\/p>\n\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n\n

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Latest news<\/h3>\n <\/div>\n <\/div>\n
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19 Feb, 2025<\/p>\n \n

10 Power Purchase Agreements signed and 1.3GW contracted in 2024<\/h5>\n <\/a>\n

Lightsource bp achieved a significant milestone in 2024 by securing 10 power purchase agreements (PPAs) totalling 1.3GW across Europe, the Americas and APAC.<\/p>\n

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18 Apr, 2023<\/p>\n \n

Lightsource bp begins construction on Trinidad and Tobago\u2019s first utility-scale solar project<\/h5>\n <\/a>\n

Lightsource bp, has marked the beginning of construction of Trinidad and Tobago\u2019s first utility-scale solar project with a sod turning ceremony at Brechin Castle.<\/p>\n

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12 Dec, 2022<\/p>\n \n

Lightsource bp, Shell and bp receive the green light for Trinidad and Tobago\u2019s first large-scale solar project<\/h5>\n <\/a>\n

The Government of the Republic of Trinidad and Tobago (GoRTT) and the consortium partners, bp Alternative Energy Trinidad and Tobago (bpATT), Shell Renewables Caribbean…<\/p>\n

Read Story <\/svg><\/span><\/a><\/p>\n<\/div>\n <\/div>\n <\/div>\n\n

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