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Lightsource BP

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Lightsource bp
FormerlyLightsource Renewable Energy
Company typeSubsidiary
IndustrySolar power
Founded2010
FounderNick Boyle
Headquarters
London
,
United Kingdom
Key people
Nick Boyle (CEO)
ProductsElectric power
ServicesDevelopment and operation of solar power farms
Number of employees
~1000
ParentBP 50%
Websitelightsourcebp.com

Lightsource BP, rebranded from Lightsource Renewable Energy in 2018, is the largest solar developer in Europe, and third largest in the world outside of China.[1][2] Lightsource BP is a British company with headquarters in London, and offices in Madrid, Milan, Athens, San Francisco, Austin, Philadelphia, Mumbai, New Delhi, Cairo, Melbourne, Amsterdam, Bath, Belfast and Dublin. The company is a subsidiary of BP.

History

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The company was founded in 2010 as Lightsource Renewable Energy.[3] In 2011, the company's first solar park was established in Truro. It consists of more than 5,000 panels that can generate enough electricity to supply 430 homes in the area.[citation needed] In 2013, Lightsource completed a 5 MW rooftop solar PV installation at Bentley Motors' factory in Crewe.[4]

In 2016, the company launched Europe's largest floating solar project at the Queen Elizabeth II Reservoir, in Walton-on-Thames.[5]

In 2016, Lightsource completed the Crookedstone Solar Farm, in Antrim, Northern Ireland, which provides a third of the Belfast International Airport's electricity needs.[1]

In 2017, BP acquired a 43% stake in the company by investing $200 million.[6] The company was accordingly renamed Lightsource BP.[2] At the same year, the company established teams in North America, the Netherlands and India.

In 2018, the company completed its first international installation, a 60 MW solar farm in Maharashtra, India. Lightsource BP won the offtake contract through a 450 MW tender process. The project comprises 200,000 LONGi Solar photovoltaic panels ground-mounted across 240 acres (97 ha). In that year, Lightsource BP also signed a 25-year power purchase and asset acquisition agreement with Mid-Kansas Electric Company in Stanton County, Kansas, United States.[citation needed]

In 2018, Lightsource BP formed EverSource Capital, a partnership with Everstone Group to create a major fund management platform for green energy infrastructure in India. The launch fund for EverSource Capital was the Green Growth Equity Fund, which has a fundraising target of £500 million and joint anchor investments from the UK Government and the India's National Investment and Infrastructure Fund, with a commitment of £120 million each.[citation needed] Also in 2018, the company formed a joint venture Lightsource BP Powered by Hassan Allam Utilities in Egypt with HA Utilities, the utilities subsidiary of Hassan Allam Holding.[citation needed]

In 2019, BP increased its stake in Lightsource BP to 50%.[7]

In 2022 Lightsource BP raised $A540 million to develop two new zero emission projects in the Australian states of New South Wales and Victoria.[8]

The company is 50% owned by Bp Alternative Energy Investments Limited,[9] which in turn is owned by BP International Ltd.[10] In November 2023, bp announced an agreement to acquire full ownership of Lightsource BP, subject to regulatory approvals, to close in mid-2024.[11]

Operations

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As of 2018, Lightsource BP has commissioned 1,300 MW of solar capacity and manages about 2,000 MW of solar capacity. It plans to increase the capacity up to 8,000 MW through projects in the Americas, India, Europe and the Middle East.[2]

Alongside funding, developing, constructing and connecting solar installations across the globe, Lightsource BP provides operations and maintenance, and asset management services to solar assets owners in the UK and beyond.[citation needed]

References

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  1. ^ a b Mulgrew, John (2016-05-19). "Solar farm to provide third of Belfast International Airport's power". Belfast Telegraph. Retrieved 2016-08-19.
  2. ^ a b c Bousso, Ron; Twidale, Susanna (15 December 2017). "BP returns to solar with investment in Lightsource". Reuters. Retrieved 29 September 2020.
  3. ^ "Shiny panels and a sure thing, Nick's story". Lightsource BP. March 2022. Retrieved 3 September 2022.
  4. ^ "Bentley, Lightsource in Rooftop Solar Power Project". Bloomberg. Archived from the original on 2016-08-12. Retrieved 2016-08-19.
  5. ^ Good, Alastair (2016-03-22). "Europe's largest floating solar farm powers up". The Telegraph. Archived from the original on 2016-03-22. Retrieved 2016-08-19.
  6. ^ "BP Re-Enters Solar Power Market With $200 Million U.K. Deal". Bloomberg. 2017-12-15. Retrieved 2017-12-19.
  7. ^ "Lightsource BP to accelerate global solar growth with further investment from BP". bp global. Retrieved 2021-04-25.
  8. ^ "Lightsource bp secures $540m funding for solar developments". Australian Financial Review. 2022-12-09. Retrieved 2022-12-09.
  9. ^ "LIGHTSOURCE BP RENEWABLE ENERGY INVESTMENTS LIMITED persons with significant control - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2023-04-06.
  10. ^ "BP ALTERNATIVE ENERGY INVESTMENTS LIMITED persons with significant control - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2023-04-06.
  11. ^ "bp agrees to take full owner of Lightsoure BP". bp.com. Retrieved 2024-01-07.
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