{"id":252777,"date":"2017-12-15T15:00:18","date_gmt":"2017-12-15T15:00:18","guid":{"rendered":"https:\/\/sandbox.lightsourcebp.com\/news\/advancing-solar-together\/"},"modified":"2023-07-24T09:06:50","modified_gmt":"2023-07-24T09:06:50","slug":"advancing-solar-together","status":"publish","type":"post","link":"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/advancing-solar-together\/","title":{"rendered":"Advancing Solar Together"},"content":{"rendered":"
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Advancing Solar Together<\/h1>\n <\/div>\n <\/div>\n <\/div>\n\n
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Lightsource and BP join forces to drive growth in solar power development worldwide<\/h4>\n

\u2022 BP to invest $200m in Lightsource over three years for a 43% stake in the business
\n\u2022 Lightsource is Europe\u2019s largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects
\n\u2022 Lightsource to rebrand as Lightsource BP
\n\u2022 Combination expected to propel company\u2019s continuing rapid expansion worldwide<\/p>\n

Lightsource and BP today announced that they have agreed to form a strategic partnership, bringing Lightsource\u2019s solar development and management expertise together with BP\u2019s global scale, relationships and trading capabilities to drive further growth across the world.<\/p>\n

BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource\u2019s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.<\/p>\n

Nick Boyle, Group CEO and founder of Lightsource, said: \u201cWe founded Lightsource to lead the solar revolution and chose to partner with BP because, like us, their ambition is to build and grow this company for the long-term. Not only does this partnership make strategic sense, but our combined forces will be part of accelerating the low-carbon transition. Solar power is the fastest growing source of new energy and we are excited to be at the forefront of this development.\u201d<\/p>\n

Bob Dudley, BP group chief executive added: \u201cBP has been committed to advancing lower-carbon energy for over 20 years and we\u2019re excited to be coming back to solar, but in a new and very different way. While our history in the solar industry was centred on manufacturing panels, Lightsource BP will instead grow value through developing and managing major solar projects around the world. I am confident that the combination of Lightsource\u2019s expertise and experience with BP\u2019s relationships and resources will propel this innovative business to even more rapid growth.\u201d<\/p>\n

Global installed solar generating capacity more than tripled in the past four years and grew by over 30% in 2016 alone, according to BP\u2019s Statistical Review of World Energy. BP\u2019s Energy Outlook analysis sees solar as likely to generate around a third of the world\u2019s total renewable power and up to 10% of total global power by 2035.<\/p>\n

Lightsource is a global leader in the development, acquisition and long-term management of large-scale solar projects and smart energy solutions worldwide. It has grown in just seven years to become Europe\u2019s largest developer and operator of utility-scale solar projects. The company has commissioned 1.3 GW of solar capacity to date and manages approximately 2GW of capacity under long-term operations and maintenance contracts \u2013 the equivalent of powering over half a million homes through clean energy.<\/p>\n

BP\u2019s interest in Lightsource BP will complement its existing Alternative Energy business, which includes wind energy, biofuels and biopower. BP Wind Energy has interests in onshore wind energy across the US with total gross generating capacity of 2.3GW. BP Biofuels has world scale plants in Brazil, which produce around 800 million litres of ethanol equivalent per year as well as generating low-carbon power for Brazil\u2019s national grid.<\/p>\n

Lightsource BP will target 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 will continue to develop and deliver Lightsource\u2019s 6GW growth pipeline, which is largely focused in the US, India, Europe and the Middle East.<\/p>\n

The company sees opportunities to create additional value through integrating solar with BP\u2019s other businesses and trading capabilities as well as through BP\u2019s international scale and relationships.<\/p>\n

Dev Sanyal, BP\u2019s chief executive for Alternative Energy, added: \u201cWe see significant opportunity to offer affordable, reliable, low-carbon power solutions by integrating solar alongside our existing Alternative Energy and gas business. We see Lightsource as a strategic partner with a similar vision and, with the benefits of BP\u2019s global scale and relationships, we together plan to build the global market leader for solar.\u201d<\/p>\n

Under the terms of the agreement, BP will pay Lightsource $50million on completion of the agreement, with the balance paid in instalments over three years. Completion is anticipated in early 2018.<\/p>\n

Lightsource were advised by Rothschild, White and Case, Deloitte and Baker & McKenzie.<\/p>\n\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n\n

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Related news <\/h3>\n <\/div>\n <\/div>\n
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03 Aug, 2025<\/p>\n \n

K\u014dwhai Park solar farm reaches \u2018Golden Row\u2019 milestone, marking major step in delivery<\/h5>\n <\/a>\n

Construction of one of New Zealand\u2019s largest solar projects has reached a major milestone, with the installation of the first row of solar panels at K\u014dwhai Park solar farm.<\/p>\n

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29 Oct, 2024<\/p>\n \n

Wool quality and sustainability: Insights from Lightsource bp\u2019s Wellington solar farm\u202f<\/h5>\n <\/a>\n

Lightsource bp has seen promising results from the second round of wool testing at its Wellington solar farm, in New South Wales, Australia.<\/p>\n

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24 Oct, 2024<\/p>\n \n

bp completes acquisition of Lightsource bp<\/h5>\n <\/a>\n

bp has completed its acquisition of the remaining 50.03% interest in Lightsource bp.<\/p>\n

Read Story <\/svg><\/span><\/a><\/p>\n<\/div>\n <\/div>\n <\/div>\n\n

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