BP increases stake in Lightsource BP
Post date: 06/12/2019 - 11:02
Lightsource BP, UK-based developer and operator of solar installations, and oil and gas company BP have equalised their shareholdings in Lightsource BP to create a simplified 50:50 joint venture structure. BP will purchase newly-issued equity in the business to help accelerate Lightsource BP’s growth, supporting its ambitious drive towards 10 GW of developed assets by the end of 2023. Since new shares will be issued in this transaction, the funds paid by BP to increase its stake will be immediately available to Lightsource BP for investment. Financial details of the transaction are not being released.
In December 2017, BP acquired 43 percent of Lightsource which was subsequently rebranded to Lightsource BP. In the two years since BP’s first investment, Lightsource BP’s activities have expanded from five to 13 countries. According to the company, it has signed major projects across Europe, the Americas and Australia and has built a development pipeline in excess of 12 GW.