Solar PV developer Lightsource bp has sold its final shares, turning over the remaining 50.03% interest in the company to oil and gas major bp.
As reported on our sister site, PV Tech, bp first revealed plans to acquire full ownership of Lightsource bp in November 2023, stating that the two parties believed it was the “right time” in a bid to further scale up the solar developer.
William Lin, bp’s executive vice-president for gas and low carbon energy, said that taking full ownership of the solar developer will help the business capitalise on the growing interest surrounding onshore renewable energy projects, with the possibility of adding co-located energy storage with these.
“This deal creates an engine for onshore renewable power development at bp – combining wind, solar and batteries to generate the energy flows our traders need to optimise value and the electrons our customers want,” Lin said.
“It also helps us with our own power demand. Ultimately, this capital-light model will help create significant value for bp’s wider operations. We now look forward to welcoming the team into our global business, helping Lightsource bp continue to build on its market-leading position.”
Lightsource bp in the UK
Lightsource bp currently has a global portfolio spanning 19 countries and 62GW of projects in development. In the UK, the firm recently announced that it has been granted full planning permission for its first standalone battery energy storage system (BESS) in the UK, a 57MW/228MWh development to be located near Bangor in Wales. This comes just eight months after the announcement that Lightsource bp had energised its first UK BESS asset, the two-hour duration 25MW/50MWh Tiln BESS, which is co-located with Lightsource bp’s 61MWp solar farm.
In August, the company sold one of its UK solar assets, the Tiln Farm solar project in Nottinghamshire, to renewable energy investment firm Schroders Greencoat. The 49.9MW development, which was sold immediately after completion, was Lightsource bp’s largest completed solar project at the time of its sale. Following the sale, Lightsource bp will continue to provide asset management and operations and maintenance services for the site.
A version of this story first appeared on our sister site, PV Tech, available here.
