bp completes acquisition of Lightsource bp

bp has finalized the acquisition of the remaining 50.03% stake in Lightsource bp, a major global player in utility-scale solar and battery storage.

In November 2023, bp announced its intent to purchase the remaining shares in Lightsource bp, pending certain closing requirements. With the transaction now complete, bp strengthens its global position in onshore renewable energy, gaining access to Lightsource bp's 62GW development pipeline and operations across 19 markets worldwide.

Though bp now holds full ownership, Lightsource bp will continue operating independently under its own brand, delivering affordable renewable energy to communities and businesses globally. bp plans to enhance the value of the business by introducing a strategic partner in the future.

“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.”

- William Lin, bp’s executive vice president for gas and low carbon energy 

William Lin, bp’s executive vice president for gas and low carbon energy, 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 on a “develop, engineer, construct, and farm-down” business model, generating value by selling majority stakes in its developed assets to strategic partners. This acquisition also supports bp’s need for cost-efficient, low-carbon power for areas like power trading, EV charging, biofuels, and green hydrogen.

Joaquin Oliveira, Lightsource bp’s group CEO, expressed enthusiasm for the next phase, noting plans to scale the business further and enhance its profitability, growth, and performance while supporting bp's low-carbon energy initiatives.

With the transaction complete, bp has now consolidated Lightsource bp’s financial debt and eliminated a prior guarantee it issued for the company.