bp Expands Renewable Energy Portfolio by Acquiring Remaining Stake in Lightsource bp”

bp has finalized an agreement to purchase the remaining 50.03% stake in Lightsource bp, a global leader in developing and operating large-scale solar and battery storage projects. This move comes at a strategic time, allowing bp to fully own Lightsource bp and support its ongoing growth and success.

Lightsource bp has excelled with a capital-efficient business model, focusing on developing, engineering, constructing, and then divesting majority interests in its projects to strategic partners. This approach has consistently yielded mid-teen equity returns through the development of renewable energy projects. With full ownership, bp aims to amplify Lightsource bp’s growth by leveraging its own strengths in areas like finance and trading.

This integration is expected to enhance value creation, with bp targeting continued double-digit equity returns from this venture. Furthermore, bp plans to utilize Lightsource bp’s expertise in cost-effective, utility-scale onshore renewable energy development to fulfill its own low carbon power needs. This strategic alignment is anticipated to support and accelerate the achievement of bp’s ambitious goals in its transition growth engines, including hydrogen, EV charging, biofuels, and power trading.