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In December 2017, we announced (with BP) that we had agreed to form a strategic partnership, bringing Lightsource’s solar development and management expertise together with BP’s global scale, relationships and trading capabilities to drive further growth across the world.
BP acquired a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment goes to fund Lightsource’s worldwide growth pipeline, the company was renamed Lightsource BP and BP has two seats on the board of directors. Under the terms of the agreement, BP paid us $50million on completion of the agreement, with the balance paid in instalments over three years.
Global installed solar generating capacity more than tripled in the past four years and grew by over 30% in 2016 alone, according to BP’s Statistical Review of World Energy. BP’s Energy Outlook analysis sees solar as likely to generate around a third of the world’s total renewable power and up to 10% of total global power by 2035.
What’s the plan?
BP’s interest in Lightsource BP complements its existing Alternative Energy business, which includes wind energy, biofuels and biopower. Lightsource BP targets the growing demand for large-scale solar projects worldwide with a focus on grid-connected plants and corporate power purchase agreements (PPAs) signed with private companies. The company continues to develop and deliver Lightsource’s 6GW growth pipeline, which is largely focused in the US, India, Europe and the Middle East. We’re creating additional value worldwide by integrating solar with BP’s other businesses and trading capabilities as well as through BP’s international scale and relationships.
For more information, see our press release.