Lightsource BP Propels Renewable Energy Expansion in APAC with A$813m Solar Project Sale

In a strategic move to fuel the expansion of renewable assets across the Asia-Pacific (APAC) region, Lightsource BP, a prominent player in solar energy project development, has successfully recycled capital through the sale of five utility-scale solar photovoltaic (PV) projects. The projects, with an equity value totaling A$813 million, mark a significant step towards establishing a more sustainable energy landscape.

Beijing Energy International Australia (BJEI Australia) is the acquiring party, taking ownership of a substantial 1,037MWdc solar portfolio. Among the projects involved, Wellington, West Wyalong, and Woolooga are already operational, while Wellington North and Wunghnu are anticipated to commence operations in the second half of 2024.

Spread across New South Wales, Queensland, and Victoria in Australia, these projects are projected to generate approximately 2,230 gigawatt-hours (GWh) of clean energy annually. This translates to powering more than 380,000 households and mitigating over 1,695,000 metric tons of CO2 emissions each year.

Since Lightsource BP’s entry into Australia in 2018, the company has made substantial strides in the renewable energy sector. Having developed and financed over 1 gigawatt (GW) to date, the company’s portfolio of projects under development now exceeds 7.5 GW. Notably, the local team has expanded to over 50 professionals in less than five years.

Adam Pegg, Managing Director of Lightsource BP APAC, emphasized the company’s commitment to advancing sustainable energy solutions. Pegg stated, “There have been a number of headwinds facing the renewable industry over the past five years, and I am proud that to date we have been able to develop quality projects and deliver value in Australia. Lightsource BP’s strength lies in facilitating the shift towards sustainable energy by leveraging our capability and expertise in solar development to support the expansion of renewable portfolios in Australia and around the world. We will use the proceeds from this sale to accelerate the development of our pipeline across the APAC region, advancing exciting projects in New Zealand, Taiwan, and South Korea, as well as continuing to be a leader in Australia.

Pegg added, “The world is reaching a tipping point on climate change and utility-scale solar will play a vital role in establishing a reliable, cost-effective, and lower carbon energy system, and the development and sale of these assets validates Lightsource BP’s ability to deliver a meaningfully contribution to the energy transition.”

The company continues to make strides in its solar and battery storage portfolio, currently exceeding 7.5 GW across Australia and New Zealand. Lightsource BP is also exploring additional investment opportunities in the sector, considering wind, battery storage, and integration with green hydrogen production as potential avenues for future growth.

Advisors for Lightsource BP in this transaction included KWM, Macquarie Capital, and EY.