BP Completes Acquisition of Photovoltaic Power Plant Giant Lightsource bp

BP PLC has completed the acquisition of the remaining 50.03% stake in Lightsource bp, one of the world's leading developers and operators of utility-scale solar and battery storage assets.

In November 2023, BP announced that it had agreed to acquire all shares of Lightsource bp, subject to certain closing conditions. With the completion of the transaction, Lightsource bp expands BP's global influence in the onshore renewable energy industry, with a 62GW development pipeline and operations covering 19 global markets.

While BP will have full ownership of the company, Lightsource bp will retain its independent operating model and independent brand, providing renewable and affordable energy to businesses and communities around the world. BP will seek to introduce strategic partners when appropriate to unlock more value.

William Lin, Executive Vice President of Gas and Low Carbon Energy at BP, said: “This transaction creates an engine for BP’s onshore renewable energy development – combining wind, solar and batteries to meet the electricity needs of our customers and ourselves. Ultimately, this capital-light model will help create significant value for BP’s wider business. We now look forward to welcoming the team to our global operations and helping Lightsource bp continue to build on its market-leading position.”

Lightsource bp uses a develop, engineer, build and farm-in business model to create value by selling majority stakes in the assets it develops to strategic partners. The acquisition will also help BP meet its own demand for cost-competitive low-carbon electricity, including power trading, electric vehicle charging, biofuels and green hydrogen.

Joaquin Oliveira, Group CEO of Lightsource bp, added: “I am delighted to start this new chapter and lead Lightsource bp to improved profitability and performance. We will continue to expand this successful business and apply its capabilities to support BP’s low-carbon energy business.”

Following the transaction, BP consolidated Lightsource bp’s financial debt and cancelled the existing security issued by BP.