BP ponders seizing full control of Lightsource bp - report

BP Plc (LON:BP) is mulling over a plan to take full control of UK-based solar developer Lightsource bp, its 50%-controlled joint venture, Reuters reports, citing unnamed sources.

If implemented, the plan will see BP buy out the remaining 50% stake it does not own in Lightsource bp. Industry sources have said that the potential acquisition would reflect the oil and gas major’s renewables strategy that calls for it to develop 20 GW of net generating capacity by 2025 and 50 GW by 2030.

BP bought a 43% interest in Lightsource Renewable Energy Holdings Ltd back in 2017 in a USD-200-million (EUR 184.7m) deal and subsequently changed the business’ name to Lightsource bp. It lifted its stake to 50% two years later. The majority of the remaining 50% is held by the solar developer’s CEO Nick Boyle.

According to the insiders, the value of Lightsource bp’s portfolio is estimated at around USD 2 billion.

Lightsource bp’s website shows that it has developed 8.8 GW of solar photovoltaic (PV) projects, while its pipeline amounts to 55 GW. Its CEO told Reuters last October that the plan is for the company to develop 25 GW of projects by 2025.

(USD 1.0 = EUR 0.923)

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