Lightsource BP secures $1.8 billion and targets 25 GW solar developments by 2025
Post date: 21/09/2021 - 09:08
UK based Lightsource BP announced it has secured a new $1.8 billion credit and trade finance facility that will help fuel its new global growth strategy of developing 25 GW of solar by 2025. According to the company, the funding is provided by BNP, SocGen, Santander, Natwest, Lloyds, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Canadian Imperial Bank of Commerce, Toronto Dominion and Wells Fargo.
Since its formation in 2010, Lightsource has developed 3.8 GW of solar projects globally. The pipeline of more than 20 GW continues to grow through greenfield, co-development and acquisition opportunities. »This growth is expected to create over 500 new jobs within Lightsource BP over the next four years,« says the company.
»Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million,« said Nick Boyle, group chief executive for Lightsource BP. According to Dev Sanyal, BP’s executive vice president of gas and low carbon, Lightsource has developed »more than 30 projects, which today have consistently delivered 8 to 10 percent returns.« In the company's definition, a »developed project« is one that has either achieved financial close, or, have reached »final notice to proceed« status, with all necessary permitting secured leaving construction ready to begin.
In 2021, Lightsource BP significantly increased its presence across major European markets, including Spain, Italy and Portugal and announced a market entry into Greece. The company's US portfolio consists of almost 10 GW including more than 1.9 GW entering into operations or construction in the last 18 months. Additionally, Lightsource is exclusively developing a 9 GW solar pipeline for BP following its acquisition from 7X Energy.