Sao Paulo, 28 November – Lightsource BP, a global leader in the funding, development and long-term operation of solar energy projects, has today announced its expansion into the Brazilian energy market.

Lightsource BP’s Brazilian strategy will be focused on developing fully-funded solar and smart storage solutions for the country’s domestic, commercial and industrial sector, allowing end-users to access their own renewable power supply at a discounted and predictable rate. In parallel to this, the company will also develop a pipeline of greenfield solar projects for local utility customers. Lightsource BP will seek to build and establish long-term partnerships with local developers to deliver these ambitions.

Brazil is Latin America’s largest consumer market and the country is seeking to further diversify its electricity sources. Its renewable energy production is currently heavily dependent on large hydroelectric projects and solar power is significantly underrepresented.

Nick Boyle, Lightsource BP Group CEO, comments: “Solar power is flexible and quick to deploy, making it an ideal choice in adding new capacity. We intend to leverage our expertise in financing and full lifecycle services to play a key role in the development of solar power in Brazil.

“We see exciting potential in Brazil and legislation supporting renewable power will certainly play a role. We want to be a part of the development of solar in Brazil, especially by working with businesses to secure affordable and reliable electricity supply. For Lightsource BP, entering new markets isn’t just about yield, it’s about growth and it’s about empowering communities and fast-growing economies. With our proven track record and ability to build strong, reliable partnerships, we believe we can play a key role in adding solar to the country’s energy mix.”

Dev Sanyal, BP Alternative Energy CEO, said: “Last year global renewable power production grew by 17% – higher than the 10-year average – with wind and solar leading the way. We are focused on working with Lightsource BP to expand its global footprint to further fuel this growth, particularly drawing on BP’s international presence and relationships. Supporting this, we see significant opportunity to offer affordable, reliable, low-carbon power solutions by integrating solar alongside our existing renewables businesses.”

Mario Lindenhayn, Head of Country, BP Brazil, added: “Based on recent trends, BP’s Energy Outlook sees Brazil’s energy consumption growing by 60% to 2040. Within this, the share of renewables is projected to increase to 47% due to substantial increases in solar, wind and hydro and a doubling in the use of biofuels. BP already has a significant presence in Brazil through our Upstream, Downstream and Biofuels businesses and we are delighted that, through Lightsource BP, we are adding solar energy to our portfolio in the country.”