BP announced the acquisition of the remaining 50.03% stake in Lightsource BP, a leading solar and battery storage developer for an amount of about $322mln.
Subject to regulatory approvals, the acquisition is expected to close in mid-2024.
Lightsource BP is specialised in developing, engineering, constructing, and farming down utility-scale solar and battery storage projects. The company has built a solid reputation for delivering renewable projects with equity returns in the mid-teens, thanks to its strategic approach of selling its majority interests in assets to partners.
bp first took a stake in Lightsource in 2017. In that time, it has expanded from operating in three countries to 19, built a 61 GW development pipeline, and grown to over 1,200 personnel.
The full control of Lightsource BP will offer the opportunity for bp:
- To attain double-digit equity returns from the renewable energy business.
- To utilize Lightsource BP’s expertise as a developer of cost-competitive onshore renewable power to meet its own growing demand for low-carbon power.
The acquisition is in line with bp long-term strategy to move from oil to green energies and achieve its long-term goal of zero emission by 2050.