BP has finalized its acquisition of the remaining 50.03% interest in Lightsource BP, gaining full ownership of the solar and battery storage developer it previously co-owned. The deal, initially announced in November 2023, positions BP for expanded engagement in the onshore renewable energy sector, adding Lightsource BP's 62GW development pipeline that spans 19 international markets.
Despite full ownership, Lightsource BP will continue to operate under its standalone model and independent brand, focusing on utility-scale solar and battery projects. Key installations, like the 247MW Vendimia solar farm in Spain, reflect its commitment to delivering sustainable energy to communities and businesses globally. BP has indicated plans to potentially introduce a strategic partner to further enhance the value of the enterprise.
“This deal creates an engine for onshore renewable power development at BP,” stated William Lin, BP's executive vice president for gas and low carbon energy. “Combining wind, solar, and batteries allows us to generate energy flows our traders can optimize for value while meeting the power needs of our customers. This capital-light model will help create significant value for BP's broader operations.”
Lightsource BP's unique business model involves developing, constructing, and selling majority interests in renewable assets to strategic partners, allowing for consistent value generation. Full ownership of the company will support BP's own demand for low-cost, low-carbon power across several areas, including power trading, EV charging, biofuels, and green hydrogen initiatives.
Joaquin Oliveira, Lightsource BP's group chief executive, remarked, “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 support BP's low carbon energy ambitions.”
With the acquisition complete, BP has integrated Lightsource BP's financial debt and removed an existing guarantee. This acquisition marks a key move in BP's strategic expansion within renewable energy as the company seeks to bolster its capabilities in the low-carbon sector.
