Solar PV developer Lightsource bp has sold its last shares and transferred the remaining 50.03% stake in the company to oil and gas giant bp.
As reported on our sister site, PV technology, bp first revealed plans to acquire full ownership of Lightsource bp in November 2023, stating that the two sides believed this was the “right time” to scale up further the solar developer.
William Lin, bp’s executive vice president for gas and low-carbon energy, said taking over full ownership of the solar developer will help the company capitalize on growing interest in onshore renewable energy projects, with the opportunity to co Add -located energy storage with this.
“This deal creates an engine for onshore renewable energy development at bp – combining wind, solar and batteries to generate the energy flows our traders need to optimize value and the electrons our customers want” , said Lin.
“It also helps us with our own power demand. Ultimately, this capital-light model will help create significant value for bp’s broader business. We now look forward to welcoming the team to our global operations and helping Lightsource bp build on its market leading position.”
Lightsource bp in the UK
Lightsource bp currently has a global portfolio spread across 19 countries and 62 GW of projects under development. In Britain, the company recently announced that it has received full planning permission for its first standalone battery energy storage system (BESS) in Britain, a 57 MW/228 MWh project to be built near Bangor in Wales are placed. This comes just eight months after the announcement that Lightsource bp has powered its first UK BESS asset, the two-hour 25MW/50MWh Tiln BESS, which is co-located with Lightsource bp’s 61MWp solar farm.
In August, the company sold one of its UK solar assets, the Tiln Farm solar project in Nottinghamshire, to renewable energy investment company Schroders Greencoat. The 49.9 MW project, which was sold immediately upon completion, was Lightsource bp’s largest completed solar project at the time of the sale. Following the sale, Lightsource bp will continue to provide asset management, operation and maintenance of the site.
A version of this story first appeared on our sister site, PV Tech, available here.
