Lightsource BP has increased its solar deployment target to 25GW by 2025 after securing a US$1.8 billion financing facility that will help fund its global expansion.
The developer, a joint venture 50% owned by BP, previously aimed to add around 10GW of solar by 2023, having developed 3.8GW of projects since its foundation in 2010.
Backed by an expanding development pipeline and the new funding provided by ten global financial institutions, Lightsource is now looking to accelerate solar deployment across the EMEA, Americas and Asia Pacific regions, creating 500 new jobs in the next four years.
“Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million,” said Nick Boyle, Lightsource BP chief executive. “And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis.”
Lightsource said the upgraded deployment target represents the next stage of the firm’s growth since BP acquired an initial 43% stake in the company in 2017.
As well as its own pipeline, Lightsource is also developing a 9GW portfolio for BP, following the oil and gas company’s acquisition of US solar projects from developer 7X Energy earlier this year. That transaction forms part of BP’s efforts to grow its net developed renewable generating capacity to 20GW by 2025 and then 50GW by 2030.
Alongside its US expansion, Lightsource has this year bolstered its position across Europe through a host of recent deals. Project acquisitions in Spain have taken the company’s pipeline in the country up to 3GW, while in neighbouring Portugal it also plans to fund the development of PV plants totalling 1.35GW.
Lightsource was also successful in Greece’s renewables auction in May, picking up 40% of the total capacity and expanding its global presence to 14 countries, the company said in late May.
Dev Sanyal, BP executive vice president of gas and low carbon, said Lightsource BP has developed more than 30 projects, which have consistently delivered 8-10% returns. “Lightsource bp continues to deliver and it continues to grow. And quite frankly we love it – because it works,” said Sanyal, who is leaving the company later this year.