BP To Acquire Remaining 50.03% Interest In Lightsource Bp

(RTTNews) - BP plc (BP, BP.L) on Thursday agreed to acquire the remaining 50.03% interest it does not already own in Lightsource bp, one of the world's leading developers and operator of utility-scale solar and battery storage assets.

The parties agree that now is the right time for bp to take full ownership, enabling Lightsource bp's continuing growth and high performance.

Lightsource bp operates with a proven capital-light, develop, engineer, construct and farm down business model that creates value through selling majority interests in assets it has developed to strategic partners. Full ownership will now enable bp to further scale up Lightsource bp and create additional value by applying bp's complementary capabilities and strengths, including in finance and trading, fully to the business. bp will continue to target double digit equity returns from this business.

In addition, bp intends to use Lightsource bp's world-class capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power.

The acquisition will be fully accommodated within bp's financial frame and meet bp's expectations for investment returns from renewables and power, unlevered and before integration benefits. Subject to regulatory approvals, the transaction is currently anticipated to close in mid-2024.