BP has completed its acquisition of the remaining just over 50% interest in Lightsource BP.
In November 2023, BP announced it had agreed to acquire the 50.03% interest it did not already own in the developer and operator of utility-scale solar and battery storage assets, subject to certain closing conditions.
With the transaction now complete, Lightsource BP expands the oil major’s presence globally in the onshore renewable energy industry, with a 62GW development pipeline and operations spanning 19 global markets.
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 across the world, including sites like the 247MW Vendimia solar farm (pictured) in Spain.
The oil major said it will look to unlock further value by bringing a strategic partner into the business in due course.
BP’s executive vice president for gas and low carbon energy William Lin said: “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 optimise value and the electrons our customers want.
“It also helps us with our own power demand. Ultimately, this capital-light model will help create significant value for BP’s wider operations.
“We now look forward to welcoming the team into our global business, helping Lightsource BP continue to build on its market-leading position.”
Lightsource BP operates with a develop, engineer, construct and farm-down business model that creates value through 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.
Lightsource BP’s group chief executive Joaquin Oliveira added: “I’m excited to begin the next chapter, taking Lightsource BP to a new level of profitability, growth and performance.
“We will continue to scale this successful business, and also apply its capabilities to support BP’s low carbon energy business.”
Following closure of the transaction, BP has consolidated Lightsource BP’s finance debt and eliminated an existing guarantee issued by the former.