BP has completed the acquisition of the remaining 50.03% interest in Lightsource BP, a leading global developer and operator of utility-scale solar and battery storage projects.
In November 2023, BP announced its agreement to acquire the remaining interest in Lightsource BP, pending certain closing conditions. With the transaction finalized, Lightsource BP strengthens BP’s global position in onshore renewable energy, boasting a 62GW development pipeline across 19 markets worldwide.
Under BP’s full ownership, Lightsource BP will maintain its standalone operating model and independent brand, continuing to deliver clean, affordable energy to businesses and communities globally. BP also plans to bring a strategic partner into the business in the future. William Lin, BP’s Executive Vice President for Gas and Low Carbon Energy, remarked, “This acquisition creates a powerful onshore renewable power engine for BP, integrating wind, solar, and battery assets to meet both our customers’ energy demands and our own. This capital-light model also brings significant value to BP’s broader operations as we welcome Lightsource BP into our global business.”
Operating with a “develop, engineer, construct, and farm-down” model, Lightsource BP generates value by selling majority stakes in its developed assets to strategic partners. The acquisition also supports BP’s growing need for affordable, low-carbon energy for purposes such as power trading, EV charging, biofuels, and green hydrogen.
Joaquin Oliveira, Lightsource BP’s Group Chief Executive, stated, “This is an exciting new chapter as we scale the business and enhance profitability and growth, while also contributing to BP’s low-carbon energy goals.”
