Petrobras and Lightsource bp have entered into a strategic partnership to collaborate in the onshore renewable energy segment in Brazil. Under the agreement, Petrobras will acquire a 49.99 per cent stake in Lightsource bp’s Brazilian subsidiaries, with the transaction subject to regulatory approvals. The partnership will be structured as a joint venture (JV) with shared management responsibilities between Petrobras and Lightsource bp.
The completion of the transaction remains subject to approvals from the relevant regulatory authorities. Moreover, through this agreement, Petrobras is moving into large-scale solar power generation, broadening its participation in Brazil’s renewable energy market. The company has already been developing solar projects at its refining facilities and plans to install a total of 56 MW by 2027, with 10 MW already operational at Regap.
In October 2025, Lightsource bp and Pinnacle Financial Partners closed a $97.9 million tax equity financing for the 187 MW Peacock Solar project in San Patricio County, Texas. The project is expected to generate over 360,000 MWh of electricity annually to partially supply power to Gulf Coast Growth Ventures’ manufacturing complex. Lightsource bp has reportedly raised more than $5 billion in third-party capital to support its projects across US.
