BP to Attain Full Ownership of Lightsource bp in Strategic Acquisition

In a strategic move, BP has announced its agreement to acquire the remaining 50.03% stake in Lightsource bp, solidifying its position as a dominant player in the realm of utility-scale solar and battery storage assets. Lightsource bp, renowned for its expertise in developing and operating such assets on a global scale, will now fall under the complete ownership of BP.

The decision to assume full control marks a significant step for both entities, aligning with BP’s pursuit of expanding its foothold in the renewable energy sector. The acquisition is poised to facilitate the continual growth and enhanced performance of Lightsource bp, leveraging BP’s robust capabilities, pbarticularly in finance and trading, to augment its operations.

Underpinning this acquisition is BP’s intention to harness Lightsource bp’s proficiency in developing cost-competitive utility-scale renewable power to cater to its own demand for low carbon energy. This integration is anticipated to bolster BP’s ambitious targets across various transition growth areas, encompassing hydrogen, electric vehicle charging, biofuels, and power trading.

Anja-Isabel Dotzenrath, BP’s executive vice president for gas and low-carbon energy, expressed enthusiasm about this development, stating, “This marks a natural evolution of our partnership over the past six years, propelling Lightsource bp towards sustained growth and performance. We aim not only to scale this successful business but also leverage its capabilities to meet BP’s escalating need for low carbon power.”

The acquisition terms have been strategically structured by BP, aligning with market conditions and emphasizing performance-driven considerations. Moreover, BP remains open to the prospect of bringing in a strategic partner in the future to further unlock value within the business.

Anticipated to conclude by mid-2024, pending regulatory approvals, the acquisition aligns with BP’s financial framework and investment return expectations from renewable and power sectors. This move is set to redefine BP’s stance in the renewable energy landscape while fortifying its commitment to a sustainable energy future.