bp has agreed to acquire the remaining 50.03 per cent interest in Lightsource bp. Full ownership will now enable bp to further scale up Lightsource bp and create additional value. bp will continue to target double digit equity returns from this business.
In addition, bp intends to use Lightsource bp’s capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power. This integration is expected to underpin and de-risk delivery of bp’s targets for its transition growth engines in hydrogen, EV charging and biofuels as well as in power trading.
Meanwhile, bp may also look to unlock further value through bringing a strategic partner into the business. The acquisition will be fully accommodated within bp’s financial frame. Subject to regulatory approvals, the transaction is currently anticipated to close in mid-2024.
In October 2023, Lightsource bp commenced commercial operations at the 135 MW Conway Solar at Happy project in White County, Arkansas, US. The solar farm is situated on 700 acres near the village of Happy, Arkansas, and is 88.5 km from the state capital, Little Rock. Overall, the project will provide enough sustainable energy to power 21,000 US homes. More than 162,800 tonnes of carbon dioxide emissions can be mitigated annually by the solar farm.
