Lightsource bp recycles capital to accelerate renewable asset growth in the APAC region
Sydney, Australia, Friday 15 December 2023 – Lightsource bp, a global leader in the development and management of solar energy projects, today announced the sale of five utility scale solar photovoltaic (PV) projects to Beijing Energy International Australia (BJEI Australia). This sale, which has an equity value of A$813m, amounts to a 1,037MWdc solar portfolio, with the Wellington, West Wyalong and Woolooga projects already in operation and the Wellington North and Wunghnu projects aiming to be operational in the second half of 2024.
The projects are located in New South Wales, Queensland and Victoria in Australia, and combined are expected to produce approximately 2,230GWh of clean energy annually. This is equivalent to more than 380,000 households powered, avoiding over 1,695,000 metric tons of CO2 emissions.
Since its entry into the country in 2018, Lightsource bp has developed and financed more than 1GW and has a portfolio of projects under development exceeding 7.5GW, as well as a local team of professionals that has grown to more than 50 employees in less than five years.
Adam Pegg, Managing Director, Lightsource bp APAC, said: “There have been a number of headwinds facing the renewable industry over the past five years, and I am proud that to date we have been able to develop quality projects and deliver value in Australia. Lightsource bp’s strength lies in facilitating the shift towards sustainable energy by leveraging our capability and expertise in solar development to support the expansion of renewable portfolios in Australia and around the world. We will use the proceeds from this sale to accelerate the development of our pipeline across the APAC region, advancing exciting projects in New Zealand, Taiwan, and South Korea, as well as continuing to be a leader in Australia.
“The world is reaching a tipping point on climate change and utility-scale solar will play a vital role in establishing a reliable, cost-effective, and lower carbon energy system, and the development and sale of these assets validates Lightsource bp’s ability to deliver a meaningfully contribution to the energy transition,” Adam Pegg added.
Lightsource bp continues to progress its solar and battery storage portfolio of more than 7.5GW across Australia and New Zealand, and is exploring other investment opportunities in the sector, including wind, battery storage, and integration with green hydrogen production. Lightsource bp considers battery storage as a highly complementary enabler of low cost dispatchable solar.
Lightsource bp was advised on the transaction by KWM, Macquarie Capital and EY.
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