Energy major bp has agreed to take full ownership of solar developer Lightsource bp.
Under the agreement, bp will acquire the remaining stake of 50.03% in Lightsource bp from the company’s founders, management and staff at a base equity value of £254 million (US$320.96 million).
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Moreover, bp plans to use Lightsource bp’s capabilities as a developer of utility-scale onshore renewable power to help meet its own demand for low carbon power after the acquisition. This acquisition is expected to “underpin and de-risk delivery of bp’s targets for its transition growth engines”, including hydrogen, EV charging and biofuels as well as in power trading.
After the acquisition, bp will further scale up Lightsource bp and apply finance and trading capabilities to the business of Lightsource bp.
“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 bp executive vice president for gas and low-carbon energy Anja-Isabel Dotzenrath.
Earlier this month, Lightsource bp launched a request for submissions for its latest multi-buyer corporate power purchase agreement (PPA), a move which it claims will enable smaller businesses to access solar power in Europe.
While the company did not announce which groups would be eligible to participate in the PPA, it noted in the announcement of the initiative that it intends for “buyers with lower electricity demand” to express interest in the programme.
The company also completed a US$460 million financing package that will enable the construction of 368MW of solar power in the US. The portfolio consists of two projects, both of which Lightsource bp expects to begin operation in 2024, and were funded with PPAs.