bp completed its acquisition of the remaining interest in Lightsource bp, a leading developer and operator of utility-scale solar and battery storage assets.
In November 2023, bp announced it had agreed to acquire the 50.03% interest it did not already own in Lightsource bp, subject to certain closing conditions. With the transaction now complete, Lightsource bp expands bp’s presence globally in the onshore renewable energy industry, with a 62GW development pipeline and operations spanning 19 global markets, a news release stated.
While bp will take on full ownership, Lightsource bp will retain its standalone operating model and independent brand, delivering renewable and affordable energy to businesses and communities.
“This deal creates an engine for onshore renewable power 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,” William Lin, bp’s executive vice president for gas and low carbon energy, said.
Lightsource bp reportedly operates with a “develop, engineer, construct and farm-down” business model that creates value by selling majority interests in assets it has developed to strategic partners. The acquisition will also help bp meet its own demand for cost-competitive, low-carbon power, including for power trading, EV charging, biofuels, and green hydrogen, the release said.
Source: bp
