BP has completed its acquisition of the remaining 50.03% stake in Lightsource bp, securing full ownership of one of the world’s leading developers and operators of utility-scale solar and battery storage assets. The deal, initially announced in November 2023, has now closed, following the satisfaction of certain conditions.
With this acquisition, Lightsource bp significantly bolsters BP’s position in the global onshore renewable energy sector. The company now controls a 62-gigawatt development pipeline and operates in 19 markets worldwide. Despite the change in ownership, Lightsource bp will maintain its independent brand and operating model, continuing its mission to deliver affordable renewable energy to businesses and communities across the globe.
BP’s executive vice president for gas and low carbon energy, William Lin, highlighted the strategic advantages of the acquisition: “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 optimize 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.”
BP plans to seek a strategic partner for Lightsource bp in the future, aiming to further enhance the business’s growth and value. Meanwhile, Lightsource bp will continue to operate under its existing model, which focuses on developing, engineering, constructing, and selling interests in renewable energy assets to strategic partners.
Joaquin Oliveira, Lightsource bp’s Group Chief Executive, expressed enthusiasm about the new phase for the company: “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 initiatives.”
With the acquisition finalized, BP has consolidated Lightsource bp’s financial debt and removed an existing guarantee it had issued, paving the way for a seamless integration of Lightsource bp’s operations into its global renewable energy strategy. The move is a key step for BP as it seeks to enhance its capabilities in low-carbon energy, supporting initiatives such as power trading, EV charging, biofuels, and green hydrogen production.
