It also plans to build an extra 9GW of solar farms exclusively for the oil corporation as part of BPs plan to grow its renewable energy capacity 20 fold by the end of the decade. Since late 2017, the team has developed a pipeline of more than 8 gigawatts of large-scale solar projects at various stages of development across the United States with about 2 gigawatts of contracted assets representing almost $2 billion in near term projects. With a 7% additional stake, the British integrated energy giant has boosted its ownership interest . About us. We use cookies to collect and analyse information on our site's performance and to enable the site to function. We are seizing the opportunity by not just growing our 20 GW development pipeline across the United States, but also creating sizeable demand for our US-based partner First Solar, which, in turn, is investing in innovation and manufacturing, and supporting thousands of direct and indirect American jobs.. Lightsource Global connects U.S. workers with companies located down the street and around the world. Lightsource BPs founder and chief executive, Nick Boyle, told the Guardian that the future of the solar industry would be driven by demand for green hydrogen extracted from water using renewable electricity to replace gas in power plants, factories and transport. a virtual power purchase agreement (VPPA) with L3Harris for up to 100 megawatts of capacity from Elm Branch, and. It joined forces with bp in 2017 and rebranded to Lightsource bp the following year. Free intelligence and insights from industry experts and leading companies on the global energy transformation. (PSEG), a publicly-traded diversified energy company, entered into an agreement to sell its PSEG Solar Source portfolio to Quattro Solar, an affiliate of LS Power. Lightsource bp is a global leader with local impact. The oil major paid roughly $200 million for a. Although globally state subsidies for renewable projects are falling as technology costs come down, new projects are increasingly turning to long-term power purchase agreements (PPAs) with corporations to secure revenues. The largest, Impact Solar, is a 260-megawatt solar farm located in Lamar County, 120 miles northeast of Dallas. BP is not in the nuclear business, but nuclear will be part of this solution. In the US, the company is quickly growing into one of the largest solar developers, with a US portfolio of almost 10GW including more than 1.9GW entering into operations or construction in the last 18 months alone. The European PPA market is still expanding, with McGuigan hopeful Italy could also offer new opportunities. Sanyal, who will leave BP at the end of the year, said the work of Lightsource plays into the strategy of the oil company to invest in high value renewable energy projects. (Credit: BP). Lightsource BP Profile and History . The fast-growing operation had initially set a target to develop arrays of panels with a total capacity of 10 gigawatts by 2023, enough for almost 3.4m homes, but the fresh funds will be used to turbocharge its ambition to 25GW by 2025. Our expertise and investment in solar means were changing power for our customers, as we reimagine energy for the world. As subsidies decline and international renewables markets develop, we will look to build out this in line with our customer requirements," the spokesperson said. 1932 ford coupe body for sale australia. Our team has driven exponential growth with 3.2 gigawatts of projects in operation or construction to date in the US, and a pipeline of more than 20 gigawatts across one of the largest and most diverse solar and storage portfolios in North America. First Solars new $1.1 billion Alabama factory and $185 million expansion of its existing manufacturing footprint in Ohio are expected to bring its total investment in American manufacturing to over $4 billion. Our approach to long-term ownership and management of the assets we develop sets us apart from other developers in the industry. While our history in the solar industry was centred on manufacturing panels, Lightsource BP will instead grow value through developing and managing major solar projects around the world.. Global energy business BP is set to invest $200m over a period of three years to acquire a 43% stake in European solarpower company Lightsource. We enable their growth with certainty through long-term pricing and supply commitments, and advanced technology, while they enable ours by providing the certainty of demand we need to invest in manufacturing.. Their team includes nearly 1,000 industry experts, working in 19 countries, providing full scope development for projects, from initial site selection, financing and permitting to long-term management of solar projects and energy sales to their customers. Tax equity financing for the projects was secured from Bank of America. by June 7, 2022. The Lightsource bp culture of openness, inclusivity and excellence begins with our executive leadership team. 06/19/2022 . bp press office, London: +44 (0) 207-496-4076, +44(0)7831095541, +44(0)7919 217511,bppress@bp.com, 20 We power businesses and communities across the US with clean and affordable energy solutions. He agreed to sell BP a stake in the company seven years later turning it into Lightsource BP in the hope of growing its 1.6GW solar business more than six-fold by 2023. Patent activity related to artificial intelligence decreased by 43% in the power industry in Q3 2022, Wear protection coating an industry riding the waves of change, A tale of two COPs: Connecting climate and biodiversity, Floating wind: Time to turn expertise into action in deeper waters. Responsible solar provides a holistic framework for us to positively impact energy, people and planet. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. MONTGOMERY, Ala.--(BUSINESS WIRE)--Lightsource bp has successfully closed on a $100 million financing package for its 130 megawatt (MWdc) Black Bear Solar energy project in Montgomery County, Alabama. Power contracts secured with energy partners played a key role in supporting investment and financing of this new clean energy infrastructure in Texas: Construction has started with commercial operation of both projects expected by late 2021. Lightsource bp has a deep commitment to mitigating climate change by delivering safe, clean and affordable energy as well as maximizing the environmental sustainability and positive social impacts of each of our projects. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Austin, Philadelphia and Atlanta and staff in more than 25 states. This year has seen Lightsource BP acquiring the development rights to its first projects in Spain, where it now holds a 300-megawatt pipeline, as well as making headway across the Atlantic. But its activities have picked up in recent months. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Hydrogen could be shipped around the world as an energy source, which essentially came from the sun but is captured as a gas, and burned the same way as historic hydrocarbons, he said. Its very rewarding!. Developed at R&D labs in California and Ohio, the companys advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. Bosque de Palabras KIRKBI and William Demant Acquire 50% Interest in Borkum Rif Capital Power to Acquire 50% Stake in Shepard Energy Gas Pro RWE Innogy to Sell 25% Stake in Rhyl Flats Wind Farm to GIB Inpex acquires stake in Moray East Offshore Wind Farm, RWE buys British solar and battery storage company JBM Solar, UK grid operator paying millions for lack of offshore wind transmission capacity. Lightsource BP is a British company with headquarters in London, and offices in Madrid, Milan, Athens, San Francisco, Philadelphia, Mumbai, New Delhi, Cairo, Melbourne, Amsterdam, Bath, Belfast and Dublin. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? *Market data delayed by 20 minutes. can i rent out my house after refinancing? The Lightsource bp pipeline continues to grow rapidly through greenfield, co-development and acquisition opportunities. We are Lightsource bp a global leader in solar development, management and operations. You should not place undue reliance on these forward-looking statements. This website uses cookies so that we can provide you with the best user experience possible. They provide sustainable and affordable energy to businesses and communities.Our goal is to play a vital role in shaping the future of global energy delivery by deploying at least 8GW of solar capacity worldwide in the next 5 years based on a develop and Lightsource bp began as a small UK start-up in 2010, and now we have become a global leader, recognised as one of the largest solar developers in the world. We are a 50:50 joint venture with bp with a mission to help drive . Utility-scale solar power is a resilient, reliable and predictable solution to climate change and energy security. In 2021, Lightsource bp already significantly increased its presence across many major European markets, including Spain, Italy and Portugal and announced a major auction win and market entry into Greece. Every region receives a tailored approach and is managed by a local team. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. Prominent energy buyers include Xcel Energy, Amazon, McDonalds, eBay, Verizon, L3Harris and Penn State University. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. Texas is home to three large-scale, fully operational Lightsource bp solar projects. Learn the latest advances in solar, wind, bio, and geothermal power. BP, which will have two seats on Lightsource board, expects the deal to be completed in early 2018. (Loading)*. 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