BP buys out renewables leader for $320 mln
UK
LONDON, December 1, 2023 – BP has purchased the final shares of UK-based solar and battery leader Lightsource BP for USD 320 million, the British energy giant announced on Thursday.
Under the agreement, BP will take over the remaining 50.03% shares in the company with shareholders subject to additional payments dependent on company performance.
The deal is subject to regulatory approvals and is expected to close in mid-2024.
In 2022, Lightsource BP posted earnings before interest, taxes, depreciation, and amortisation of USD 363 million.
BP first took stake in the company in 2017.
Since then, the company has expanded its operation in three countries and built a 61 GW development portfolio.
“We will continue to scale this successful business, and also apply its capabilities and expertise to help meet BP’s growing demand for low carbon power from our transition growth engines,” said Anja-Isabel Dotzenrath, executive vice-president for gas and low-carbon energy of BP.
In April 2023, Lightsource BP and BP broke ground on Trinidad and Tobago’s first utility-scale solar project.
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