bp completed acquisition of Lightsource bp

bp has completed its acquisition of the remaining 50.03% interest in Lightsource bp, one of the world’s leading developers and operators of utility-scale solar and battery storage assets.

In November 2023, bp announced it had agreed to acquire the 50.03% interest it did not already own in Lightsource bp, subject to certain closing conditions. With the transaction now complete, Lightsource bp expands bp’s presence globally in the onshore renewable energy industry, with a 62GW development pipeline and operations spanning 19 global markets. 

Lightsource bp operates with a develop, engineer, construct, and farm-down business model that creates value through selling majority interests in assets it has developed to strategic partners. The acquisition will also help bp meet its own demand for cost-competitive, low-carbon power, including for power trading, EV charging, biofuels, and green hydrogen.