BP to acquire additional 7% stake in Lightsource BP.

BP agreed to acquire additional 7% stake in Lightsource BP, a developer of long-term management of utility-scale solar PV projects, to equalise their shareholdings in Lightsource BP to create a simplified 50:50 JV structure. Financial terms were not disclosed. As part of the transaction, BP will purchase newly-issued equity in the business to help accelerate Lightsource BP’s growth, supporting its ambitious drive towards 10GW of developed assets by the end of 2023. “BP is committed to helping meet the world’s rapidly growing demand for low carbon energy. Solar, which is predicted to increase by a factor of 10 by 2040, plays a key role in this energy transition. That is why we want to invest more in Lightsource BP and to deepen our partnership. We want to advance the solar energy business worldwide and we can bring scale, capability and resources to make that happen. We are proud to be advancing solar alongside such a dynamic partner,” Dev Sanyal, BP CEO of Alternative Energy.