US$321 million Agreement announced to take full control of Lightsource BP

British oil and gas company BP announced an agreement with UK-based PV producer Lightsource BP to purchase the remaining 50.03% of Lightsource BP’s shares.

BP aims to leverage Lightsource BP's expertise as a developer of economically competitive large-scale onshore renewable power to fulfill its requirements for low-carbon energy. In 2017, BP initially invested US$200 million in Lightsource, subsequently rebranded as Lightsource BP, securing a 43% stake in the company. In 2022, BP increased its ownership to 50%. Lightsource BP achieved its inaugural utility-scale solar installation in 2016 and has since launched over 16 renewable energy projects in the USA alone.