The management of Lightsource BP and BP have agreed to equalize their shareholdings in Lightsource BP to create a simplified 50:50 joint venture structure. As part of the transaction, BP will purchase newly-issued equity in the business to help accelerate Lightsource BP’s growth, supporting its drive toward 10 GW of developed assets by the end of 2023.
Since new shares will be issued in this transaction, the funds paid by BP to increase its stake will be immediately available to Lightsource BP for investment. Financial details of the transaction are not being released. Strategic decisions will continue to be taken jointly by the two shareholder groups, with each group now having an equal number of nominees on the Lightsource BP Board.
When we first announced this partnership two years ago, we made our mission very clear – that together we want to accelerate the growth of solar power worldwide and help drive the solar revolution,” said Nick Boyle, CEO of Lightsource BP. “Although we have already made huge strides forward in both the size and number of our projects and have rapidly expanded our global footprint, there is still so much more we can do together.”
BP Lighthouse recap
In December 2017, BP acquired 43 percent of Lightsource, which was subsequently rebranded to Lightsource BP. With this announcement, BP has agreed to purchase additional equity in Lightsource BP to become an equal partner in the business with the balance of shares continuing to be held by management and staff.
In the two years since BP’s first investment, Lightsource BP’s activities have expanded from five to 13 countries. It has signed major projects across Europe, the Americas and Australia and has built a development pipeline in excess of 12 GW.
— Solar Builder magazine