BP ponders taking complete control of Lightsource bp

Mar 24, 2023 12:16 PM ET
  • BP Plc is mulling over a strategy to take complete control of UK-based solar programmer Lightsource bp, its 50%-regulated joint venture, Reuters reports, citing unnamed sources.
BP ponders taking complete control of Lightsource bp
Image: Lightsource bp

If implemented, the plan will certainly see BP buy out the staying 50% risk it does not have in Lightsource bp. Industry sources have stated that the prospective acquisition would certainly reflect the oil and gas major's renewables method that calls for it to create 20 GW of web generating capacity by 2025 and 50 GW by 2030.

BP bought a 43% rate of interest in Lightsource Renewable resource Holdings Ltd back in 2017 in a USD-200-million (EUR 184.7 m) deal as well as subsequently transformed business' name to Lightsource bp. It lifted its stake to 50% two years later. The majority of the remaining 50% is held by the solar designer's chief executive officer Nick Boyle.

According to the experts, the value of Lightsource bp's portfolio is approximated at around USD 2 billion.

Lightsource bp's website reveals that it has actually developed 8.8 GW of solar photovoltaic or pv (PV) projects, while its pipe totals up to 55 GW. Its CEO told Reuters last October that the plan is for the firm to create 25 GW of projects by 2025.

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