10 Power Purchase Agreements signed and 1.3GW contracted in 2024

Lightsource bp announces bumper year for corporate PPAs across three continents

Lightsource bp, a leading developer and operator of utility-scale renewable energy projects, achieved a significant milestone in 2024 by securing 10 power purchase agreements (PPAs) totalling 1.3GW across Europe, the Americas and APAC. This achievement underscores the company’s experience and track record in delivering renewable energy solutions, tailored to meet the diverse needs of corporate and utility buyers across global markets.

As energy buyers worldwide increasingly prioritise cost competitiveness and energy resilience, the renewable energy market continues to grow. To date, Lightsource bp has contracted with leading global corporations such as H&M Group, Microsoft, LyondellBasell and Google, which have committed to ambitious renewable energy procurement targets. These contracts demonstrate the rising demand for flexible and tailored corporate PPAs that align with operational business strategies and longer-term sustainability goals.

Lightsource bp’s continued success stems from the experience and highly specialised track record of its in-house Power Markets team, which can innovate, tailor and deliver PPAs that address the specific needs of the buyer, leveraging Lightsource bp’s global reach and international renewables project pipeline.

For example, in late 2023, the company spearheaded the creation of a collective virtual PPA (CVPPA) with the Fashion Pact, the largest CEO-led initiative for sustainability in the fashion and textile industry. This included a bespoke multi-buyer structure, linked to Lightsource bp’s solar portfolio in Spain to meet the needs of 12 fashion brands. This enabled the contract to be signed by all parties within months and created an equitable platform for the initiative’s members to access competitively priced, renewable power. This multi-buyer PPA structure acts as a collective deal, meaning businesses that don’t necessarily require huge volumes of electricity on their own can combine their demand and find a simple and efficient way to access renewable power.

“Securing these 10 renewable PPAs linked to a portfolio of 1.3GW across six markets in a single year highlights our ability to provide high-quality energy solutions at scale, while meeting the evolving demands of energy buyers worldwide. In the past five years alone, our team has signed PPAs across 12 countries, most recently in Portugal, spanning key markets in Europe, the United States, Australia and New Zealand, demonstrating the breadth and depth of our experience” said Zosia Riesner, Global Chief Commercial Officer for Lightsource bp.

“Innovation is key, and our team has deep expertise in assessing partner requirements across a diverse range of structures, geographies, and tenures, including multi-buyer, virtual, physical, and hybrid contracts. We are actively marketing renewable projects across Spain, Portugal, the US, UK, and Australia while we continue to support our existing customers and build new future partnerships to advance renewable energy solutions and PPAs.”

Looking ahead to 2025, Lightsource bp’s global portfolio continues to advance, creating immediate opportunities for energy buyers. This quarter, we have made a 500MW utility-scale solar and storage portfolio available for power purchase agreements across Iberia—a region that benefits from high solar irradiation and where solar power remains the most competitively priced.

Additionally, we’re progressing opportunities across many markets in the United States including SPP, MISO and ERCOT while across APAC the team is exploring additional Asian market opportunities to complement operations in South Korea, Taiwan and Japan while strengthening our reach across Australia and New Zealand.

Lightsource bp has a global solar and storage development pipeline of 58GW, spanning both mature and early-stage projects. For more information about procuring renewable power from Lightsource bp, visit procuring renewable energy.