Energy giant BP (BP. L) has agreed to buy all of Lightsource BP, buying the remaining 50% of its solar joint venture.
According to the agreement, BP will acquire the remaining 50.03% of Lightsource BP from its founders, management and employees, with an underlying equity value of 254 million pounds ( $322 million) .
Lightsource BP is one of the world's leading developers and operators of utility-scale solar and battery storage assets. Both parties agreed that now is the best time for BP to take full ownership of Lightsource BP, thereby enabling Lightsource BP to continue its growth and high performance.
The full equity stake will enable BP to further increase the scale of Lightsource BP and create added value by fully applying BP's complementary capabilities and strengths, including in finance and trade, to the business. BP will continue to generate double-digit returns on equity from this business.
It is reported that Lightsource BP has achieved significant growth since BP first invested in Lightsource BP in 2017. In that time, it has expanded from 3 to 19 countries, built a 61GW development pipeline , and grown to over 1200 employees.
In addition, BP plans to leverage Lightsource BP's world-class capabilities as a cost-competitive utility-scale onshore renewable energy developer to help meet its own demand for low-carbon electricity. The integration is expected to provide support and risk aversion for BP to achieve its goals in the areas of hydrogen energy, electric vehicle charging, biofuels and electricity trading.
"We will continue to expand this successful business and apply its capabilities and expertise to help BP meet the growing demand for low-carbon electricity in the engine of transformational growth." Anja-Isabel Dotzenrath, executive vice president of Oil & Gas UK and Low Carbon Energy, said.
It is understood that the deal is expected to be completed in mid-2024.
(Translation and arrangement of digital new energy)