BP has acquired full ownership of solar and battery storage developer Lightsource BP, meaning it will add the 50.03% interest it does not already own in the business.
BP said it intends to use Lightsource BP’s facilities to meet its low carbon power demands, investing in hydrogen, EV charging and biofuels.
The energy firm also said that full ownership will enable it to further scale up Lightsource BP and create additional capabilities and strengths, including in finance and trading.
The firm will use Lightsource’s world capabilities as a developer of cost competitive utility-scale onshore renewable power to meet its own demand for low carbon power, with the integration intended to underpin and de-risk delivery of its transition growth engines.
The acquisition is expected to be closed by mid 2024, with BP intending to maintain Lightsource’s independent brand and organisation.
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The move follows extensive criticism of BP for greenwashing its overall environmental impact.
A number of major organisations including the Church of England, the LGBT Awards and the British Museum have dropped sponsorship deals with BP and other fossil fuel companies.
“This is a natural evolution of the partnership we have built over the past six years – now we will be able to take Lightsource bp to the next level of profitable growth and performance,” said BP executive vice president Anja-Isabel Dotzenrath.
“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.”
“I look forward to welcoming the Lightsource bpA team to BP and am confident that together we can further strengthen its position as a global renewables developer.”
