Global solar player Lightsource BP has secured a new $1800m credit and trade finance facility that it said will help fuel a new growth strategy of developing 25GW by 2025.
The funding, provided by ten global financial institutions, underpins its execution strategy to accelerate the deployment of solar across the EMEA, Americas and Asia Pacific regions.
Since its formation in 2010, Lightsource has developed 3.8GW of solar projects globally. It is now aiming to drive this total to 25GW of developed projects by 2025.
The company said its pipeline continues to grow rapidly through greenfield, co-development and acquisition opportunities. This growth is expected to create over 500 new jobs over the next four years.
In addition to this 20GW-plus pipeline Lightsource BP is also developing a 9GW portfolio exclusively for BP.
Chief executive for Lightsource Nick Boyle said: “Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis.
“If we’re going to meet the commitments of the Paris Agreement – business as usual isn’t going to cut it. Our industry-leading 25GW by 2025 target and the finance package are further proof that Lightsource BP has left business as usual far behind.
“Although we need to move quickly, we are committed to scaling up safely, sustainably and responsibly – putting people and the planet at the centre of everything we do. We know our plans for growth and job creation are very ambitious, but this is the pace of change we need to move at.
“Lightsource BP’s new 25GW target, and strong projected job creation, bolstered by its robust and growing project pipeline, represent the next stage of growth since Lightsource and bp joined forces, fast-tracking the venture’s global expansion, in December 2017.”