From pv magazine Global

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 closed for a reported 400 million GBP ($519 million) . Approximately GBP 200 million of the price related to proceeds from the sale of assets made before the acquisition was completed.

Lightsource BP was established in 2010 as Lightsource Renewables Energy and is expected to continue to operate under a stand-alone model, as well as retaining its independent brand under BP 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 has consolidated Lightsource BP’s financing debt and eliminated an existing guarantee issued by BP. The oil and gas giant has said it may also bring a strategic partner into the business “in due course.”

Lightsource BP has a project development pipeline of 62 GW with operations spanning 19 global markets. Key projects include a 560 MW solar plant in Greece, which is currently under construction. In August 2024. The company sold two ÚS solar panels with a total capacity of 395 MW to Jera Nex, a renewable energy developer launched by the Japanese power generation company Jera.

In a statement, William Lin, BP’s vice president of gas and low-carbon energy, said the deal creates an “engine for onshore renewable energy development at BP.”

Joaquin Oliveira, Group CEO of Lightsource BP, added: “I am excited to begin the next chapter, which will take Lightsource BP to a new level of profitability, growth and performance. We will continue to scale this successful business and also use its capabilities to to support BP’s low-carbon energy business.”

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