Lightsource bp to develop 25 GW of solar by 2025, gets USD-1.8bn loan

UK-based solar developer Lightsource bp today said it will aim to develop 25 GW of solar projects by 2025, with this new target underpinned by newly secured financing.

The company, 50%-owned by oil and gas group BP Plc (LON:BP), has obtained a USD-1.8-billion (EUR 1.5bn) revolving credit facility and trade finance facility from a group of 10 financial institutions.

According to the announcement, the 25-GW goal is fuelled by a growing pipeline of greenfield, co-development and acquisition opportunities. It is in addition to a 9-GW portfolio in the US that Lightsource bp is working on exclusively for bp after its acquisition by the oil group earlier this year.

Lightsource bp has developed 3.8 GW of solar globally since its creation in 2010. Since Lightsource and bp teamed up at the end of December 2017, the developer has expanded its footprint from five to 15 countries and doubled its workforce to 600 people. The company expects to create over 500 jobs over the next four years as a result of its new ambition.

Lightsource bp previously had a goal of having 10 GW of developed assets by end-2023. The new growth plans are in line with the changing energy landscape.

“Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis,” said Lightsource bp group chief executive Nick Boyle.

(USD 1 = EUR 0.849)

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