Australian solar power projects with a combined capacity of 1 gigawatt (GW) have been acquired by Beijing Energy International Australia, the local subsidiary of Chinese clean energy company Beijing Energy, from Lightsource bp, the solar power arm of oil and gas major bp.
The portfolio includes operational facilities in New South Wales and Queensland, as well as two projects under construction. The sale is valued at A$813 million (US$547.4 million) and marks a significant expansion of Beijing Energy's renewable presence in Australia.
See also: Lightsource bp Signs Major Deal with Siemens for 1GW Supply of Solar Inverters for US PV Projects
Three projects, Wellington, West Wyalong, and Woolooga, are currently operational, boasting a total solar capacity of 521MW. The remaining projects, Wellington North and Wunghnu, are expected to commence commercial operations in the second half of 2024.
Lightsource bp's APAC Managing Director, Adam Pegg, highlighted the sale as an opportunity to accelerate the development of the company's project pipeline across the Asia-Pacific region, emphasizing ongoing commitments in Australia and new ventures in New Zealand, Taiwan, and South Korea.
In a separate development, Lightsource bp secured a long-term energy storage contract in New South Wales. The Goulburn solar PV project, co-located with an 8-hour duration 49MW (392MWh) lithium-ion battery energy storage system, was among the winners in a tender for long-duration energy storage (LDES). The project's revenues will be underpinned by a Long Term Energy Service Agreement (LTESA).
See also: Lightsource BP's Bellflower Solar Project Powers Towards a Greener Future
This transaction is part of bp's broader engagement in the Australian renewables sector, following its stake acquisition in a 26GW solar-plus-wind project in Western Australia. The Western Australia project is poised to produce green hydrogen, aligning with bp's strategic focus on hydrogen initiatives.
The company recently announced plans to take full ownership of Lightsource bp, intending to leverage its operations to advance projects in growth areas such as hydrogen, electric vehicle (EV) charging, biofuels, and power trading.
