Oil and gas multinational BP has taken full ownership of Lightsource BP, completing an acquisition first announced in November 2023. The deal for the outstanding 50.03% of the onshore renewable energy developer not owned by BP, was closed for a reported GBP 400 million ($519 million). . Approximately GBP 200 million of the price related to the passing on of proceeds from the sale of assets prior to the completion of the acquisition.
Lightsource BP was founded in 2010 as Lightsource Renewables Energy and is expected to continue operating under a standalone model while maintaining its independent brand under BP’s ownership. The oil company first invested in the Lightsource business in 2017, acquiring a 42% stake in the company for a reported investment of $200 million.
Following the acquisition, BP consolidated Lightsource BP’s financial debt and eliminated an existing guarantee issued by BP. The oil and gas giant has stated that it may also bring a strategic partner into the business “in due course”.
Lightsource BP has a 62 GW project development pipeline with operations in 19 global markets. Key projects include a 560 MW solar power plant in Greece, currently under construction. In August 2024, the company sold two US solar panels with a total capacity of 395 MW to Jera Nex, a renewable energy developer launched by Japanese power generation company Jera.
In a statement, William Lin, BP’s executive vice president for gas and low-carbon energy, said the deal creates an “engine for onshore renewable energy development at BP.”
Joaquin Oliveira, Group Chief Executive at Lightsource BP, added: “I am excited to start the next chapter and take Lightsource BP to new levels of profitability, growth and performance. We will continue to scale this successful business and leverage its capabilities to support BP’s low-carbon energy business.”
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