bp is set to acquire the remaining 50.03% stake in Lightsource bp, solidifying its ownership of the globally recognized utility-scale solar and battery storage developer.
Lightsource bp operates on a proven capital-light business model, involving project development, engineering and construction.
The integration will position bp to pursue double-digit equity returns from the renewable energy business.
The acquisition is subject to regulatory approvals and is anticipated to conclude in mid-2024.
Anja-Isabel Dotzenrath, bp Executive Vice President for gas and low carbon energy, said: “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.”
