BP to Fully Acquire Lightsource BP: Solar Scaling Ahead

• BP acquires 50.03% of Lightsource BP, enabling it to scale up its business, finance and trading. Closing mid-2024, it will help BP meet its demand for low carbon power and transition growth targets. Unlocking a new level of profitable growth and performance.

BP has agreed to acquire the remaining 50.03% interest in solar developer and operator Lightsource BP, which will enable BP to further scale up the business and create additional value by applying BP’s complementary capabilities and strengths, including in finance and trading. The transaction is expected to close in mid-2024 and will help BP to meet its own demand for low carbon power, while also underpinning and de-risking delivery of its targets for its transition growth engines. Anja-Isabel Dotzenrath, BP executive vice president for gas and low-carbon energy, said the acquisition would “take Lightsource BP to the next level of profitable growth and performance”.

What Value Does BP's Acquisition of Lightsource BP Create?

• The acquisition will provide BP with a majority stake in Lightsource BP, which is the global leader in developing and operating solar projects.
• The acquisition will give BP access to Lightsource BP’s innovative technology, experience, and market knowledge.
• The acquisition will increase the scale and capability of BP’s renewable energy business and will help to meet its own demand for low-carbon power.
• The acquisition will enable BP to further scale up the business and create additional value by applying BP’s complementary capabilities and strengths, including in finance and trading.
• The acquisition will create more opportunities for the development of renewable energy projects, thus helping to reduce emissions.
• It will also help BP to fulfil its long-term goal of becoming a net zero company by 2050.