UK-based energy major BP has announced that it has agreed to take full ownership of solar specialist Lightsource bp.
BP first bought a piece in the company in 2017. It currently holds a 49.97% interest, with the remaining 50.03% being held by Lightsource bp’s founders, staff, and management. The company applies a capital-light model whereby strategic partners buy majority interests in projects to design, engineer, build and operate solar farms and battery storage facilities.
The current owners have collectively agreed a value of £254 million for the base equity of the 50.3% interest. The divesting shareholders may also benefit from additional payments in future based on the value of some assets that were divested from the portfolio and company performance.
The executive vice president responsible for low-carbon energy at BP, Anja-Isabel Dotzenrath, said it was a natural progression for the six-year partnership. She said the move would enable BP to carry Lightsource bp to a new level of performance and profitability, with it intending to scale the business further and:
“…apply its capabilities and expertise to help meet bp’s growing demand for low carbon power from our transition growth engines. I look forward to welcoming the Lightsource bp team to BP and am confident that together we can further strengthen its position as a leading global renewables developer.”
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