BP raises stake in UK solar venture Lightsource BP

BP has increased its shareholding in the UK-based solar energy firm Lightsource BP, creating a simplified 50:50 joint venture structure.

The oil major returned to the solar market by acquiring 43% of Lightsource in December 2017, which was subsequently rebranded to Lightsource BP.

BP yesterday announced that it will increase its stake in the company by buying new shares for an undisclosed price, in order to accelerate Lightsource’s target of having 10GW of capacity in its portfolio by 2023.

Over the last two years, Lightsource has grown its pipeline of solar projects almost 10-fold across nine new countries by harnessing BP’s international networks and energy trading expertise.

Dev Sanyal, head of BP’s alternative energy division, said the company was in conversation with the venture to source solar energy to power BP’s global offices next year.

“BP is committed to helping meet the world’s rapidly growing demand for low-carbon energy,” Sanyal said. “Solar, which is predicted to increase by a factor of 10 by 2040, plays a key role in this energy transition.”