- BP is now 100% owned by Lightsource BP.
- Lightsource BP maintains an independent operation and brand.
- BP acquires 62GW of pipeline in 19 countries.
- The new owner supports BP’s low-carbon goals.
BP completed the acquisition of the remaining shares of Lightsource BP, making it the developer of the solar storage battery. Originally announced in November 2023, the move further integrates Lightsource BP into BP’s renewable energy strategy and gives it a 62GW development pipeline across 19 global markets Lightsource BP will continue to operate as a stand-alone operation, continuing to bring affordable renewable energy to communities and businesses around the world.
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With this acquisition, BP strengthens its foothold in the onshore renewable energy market, an area critical to the company’s transition to zero-carbon solutions William Lynn, BP senior vice president for gas and energy on a carbon-free surface, expressed interest in the deal, which is crucial for BP’s renewable energy journey Describing it as a step, Lin highlighted how the integration of solar and wind battery storage would help BP to support its global operations to meet energy demand and increase operating value.
Under BP’s ownership, Lightsource BP will maintain its independent operating system and brand identity. This arrangement allows Lightsource to remain focused on BP’s core model—solar projects that own and develop, engineer, build and deliver to strategic partners. A recent example is the Vendmia solar farm in Spain, a 247 MW project that demonstrates the company’s highly developed renewable potential
BP aims to bring a strategic partner into Lightsource BP, potentially unlocking further benefits for the business. In doing so, BP aims to create a sustainable, capital-light system that balances asset ownership with quality energy production and supply. The acquisition is also in line with BP’s commitment to generate low-cost, low-carbon energy to support industries such as EV charging, electricity trading, biofuels and green hydrogen production
Lightsource BP CEO Joaquin Oliveira expressed optimism about the impact of the acquisition on the future of the company. “This partnership allows us to reach new levels of profitability, growth and performance,” Oliveira said. He noted that Lightsource BP’s established success in renewable energy positions it well to support BP’s broader low-carbon goals.
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The completion of the project also brings financial benefits to BP, as it raises Lightsource BP’s previous guarantee by consolidating its debt.
BP’s complete purchase of Lightsource BP marks a strategic expansion in renewable energy and provides further momentum for further development in solar battery storage. Strengthening its low-carbon portfolio, the acquisition positions both companies to promote affordable clean energy solutions globally. Looking ahead, BP and the strategic partner can further enhance Lightsource BP’s contribution to global growth.
