The deal not only expands bp’s presence in renewable energy but also helps meet its own low-carbon power requirements. Credit: Konektus Photo/Shutterstock.

BP has announced the completion of the acquisition of the remaining 50.03% interest in Lightsource bp.

The transaction, announced in November 2023, has met all closing conditions.

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Lightsource bp’s 62GW development pipeline and operations in 19 markets worldwide have now become a fully integrated part of bp’s portfolio.

While bp has taken full ownership, Lightsource bp will continue to operate independently, maintaining its brand and business model.

The deal broadens bp’s renewable energy footprint and supports its own low-carbon power needs.

These include power trading, electric vehicle charging, biofuels and green hydrogen production, contributing to bp’s broader sustainability goals.

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bp gas and low carbon energy executive vice-president William Lin stated: “This deal creates an engine for onshore renewable power development at bp – combining wind, solar and batteries to generate the energy flows our traders need to optimise value and the electrons our customers want.

“It also helps us with our own power demand. Ultimately, this capital-light model will help create significant value for bp’s wider operations. We now look forward to welcoming the team into our global business, helping Lightsource bp continue to build on its market-leading position.”

With the completion of the deal, bp has also consolidated Lightsource bp’s finance debt and removed an existing guarantee that bp had issued.

bp aims to create additional value by eventually inviting a strategic partner to join the business.

Lightsource bp’s group chief executive Joaquin Oliveira stated: “I’m excited to begin the next chapter, taking Lightsource bp to a new level of profitability, growth and performance. We will continue to scale this successful business, and also apply its capabilities to support bp’s low carbon energy business.”