The oil and gas giant bp has completed the acquisition of solar PV developer Lightsource bp by obtaining the remaining 50.03% stake in the company.
In an announcement made on Thursday, it was confirmed that Lightsource bp will maintain its independent brand and operational structure. Bp also stated its intention to enhance value by introducing a strategic partner to the business at a later stage.
In November 2023, the oil and gas giant initially announced its intentions to acquire complete ownership of Lightsource bp, emphasizing that both entities saw it as an opportune moment to expand the solar developer’s operations.
William Lin, bp’s Executive Vice President for Gas and Low Carbon Energy, expressed that acquiring complete ownership of the solar developer will enable the company to leverage the increasing enthusiasm for onshore renewable energy projects, potentially incorporating co-located energy storage solutions.
Lin stated, “This agreement establishes a hub for onshore renewable energy advancement within bp, integrating wind, solar, and battery technologies to produce the energy streams essential for our traders to maximize value and meet the demands of our customers.”
“This acquisition also assists us in meeting our internal power requirements. In the end, this cost-effective model will contribute substantial value to bp’s overall activities. We eagerly anticipate integrating the team into our worldwide operations, supporting Lightsource bp in further strengthening its prominent position in the market.”
Lightsource bp presently maintains a worldwide portfolio across 19 nations with 62GW of projects in progress. This encompasses regions such as Australia, where the company is building a 450MW solar-plus-storage venture in New South Wales, and Greece, where Lightsource bp is advancing its largest solar PV initiative, the 560MW Enipeas project.
It is worth mentioning that Lightsource bp ventured into the German market a year ago with the aim of annually developing up to 400MW of solar PV by 2030, a figure that has been raised to 500MWp. The company has recently entered into a development agreement with Kajoni Energie to realize this portfolio.
