{"id":347877,"date":"2023-11-30T09:14:31","date_gmt":"2023-11-30T09:14:31","guid":{"rendered":"https:\/\/lightsourcebp.com\/news\/bp-agrees-to-take-full-ownership-of-lightsource-bp\/"},"modified":"2023-12-11T12:09:28","modified_gmt":"2023-12-11T12:09:28","slug":"bp-agrees-to-take-full-ownership-of-lightsource-bp","status":"publish","type":"post","link":"https:\/\/lightsourcebp.com\/uk\/news\/bp-agrees-to-take-full-ownership-of-lightsource-bp\/","title":{"rendered":"bp agrees to take full ownership of Lightsource bp"},"content":{"rendered":"
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bp agrees to take full ownership of Lightsource bp<\/h1>\n <\/div>\n <\/div>\n <\/div>\n\n
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bp has agreed to acquire the 50.03% interest it does not already own in Lightsource bp, one of the world\u2019s leading developers and operator of utility-scale solar and battery storage assets. The parties agree that now is the right time for bp to take full ownership, enabling Lightsource bp\u2019s continuing growth and high performance.<\/p>\n

Lightsource bp operates with a proven capital-light, develop, engineer, construct and farm down business model that creates value through selling majority interests in assets it has developed to strategic partners. With this capital-light model, it has built a track record of delivering renewables projects with equity returns in the mid-teens.<\/p>\n

Full ownership will now enable bp to further scale up Lightsource bp and create additional value by applying bp\u2019s complementary capabilities and strengths – including in finance and trading – fully to the business. bp will continue to target double digit equity returns from this business.<\/p>\n

In addition, bp intends to use Lightsource bp\u2019s world-class capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power. This integration is expected to underpin and de-risk delivery of bp\u2019s targets for its transition growth engines – in hydrogen, EV charging and biofuels as well as in power trading.<\/p>\n

bp has structured and priced the acquisition terms to be highly competitive, reflecting market conditions and with a consideration structure that is biased to performance. In time, bp may also look to unlock further value through bringing a strategic partner into the business.<\/p>\n

The acquisition will be fully accommodated within bp\u2019s financial frame and meet bp\u2019s expectations for investment returns from renewables and power, unlevered and before integration benefits. Subject to regulatory approvals, the transaction is currently anticipated to close in mid-2024.<\/p>\n

Anja-Isabel Dotzenrath, bp executive vice president for gas and low-carbon energy, said:<\/p>\n

\u201cThis is a natural evolution of the partnership we have built over the past six years – now we will be able to take Lightsource bp to the next level of profitable growth and performance. We will continue to scale this successful business, and also apply its capabilities and expertise to help meet bp\u2019s growing demand for low carbon power from our transition growth engines. I look forward to welcoming the Lightsource bp team to bp and am confident that together we can further strengthen its position as a leading global renewables developer.\u201d<\/p>\n\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n\n

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Latest news<\/h3>\n <\/div>\n <\/div>\n
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19 Jun, 2026<\/p>\n \n

Celebrating European Solar Day<\/h5>\n <\/a>\n

Lightsource bp celebrates Solar Stories, showcasing solar projects across Europe that power homes, support biodiversity and drive the clean energy transition.<\/p>\n

Read Story <\/svg><\/span><\/a><\/p>\n<\/div>\n

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05 Jun, 2026<\/p>\n \n

Australia: Lightsource bp begins construction on Lower Wonga solar and battery project as hybrid strategy gathers pace<\/h5>\n <\/a>\n

Lightsource bp has begun construction on the Lower Wonga hybrid project in Queensland, combining a 380MWdc solar farm with a 281MW\/843MWh battery energy storage system.<\/p>\n

Read Story <\/svg><\/span><\/a><\/p>\n<\/div>\n

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29 May, 2026<\/p>\n \n

Planning approval secured for Solar and Energy Storage project in Wales<\/h5>\n <\/a>\n

Once developed, the project will generate enough renewable energy to power 22,700 houses each year, helping to cut carbon emissions and strengthen the UK\u2019s energy security. <\/p>\n

Read Story <\/svg><\/span><\/a><\/p>\n<\/div>\n <\/div>\n <\/div>\n\n

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