bp takes full ownership of Lightsource bp
Published on: Nov 30, 2023
The company aims to scale up Lightsource’s capabilities to help meet its own demand for low carbon power.
bp has agreed to acquire the 50.03% interest it does not currently own in Lightsource bp, developer and operator of utility-scale solar and battery storage assets.
Parties have agreed to enable the oil company’s full ownership to further scale up Lightsource and create additional value by applying bp’s complementary capabilities and strength.
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.
“We will continue to scale this successful business, and also apply its capabilities and expertise to help meet bp’s growing demand for low carbon power from our transition growth engines,” said Anja-Isabel Dotzenrath, executive vice president for gas and low-carbon energy at bp.
This integration is expected to underpin and de-risk delivery of bp’s targets for its transition growth engines - in hydrogen, EV charging and biofuels as well as in power trading.
