BP Completes Full Acquisition of Lightsource BP in $518 Million Buyout, Strengthening Low-Carbon Portfolio

BP takes full control of Lightsource BP with a $518 million buyout, strengthening its low-carbon portfolio. The solar developer will retain its standalone brand, aligned with BP’s renewable goals.

In a strategic move toward expanding its renewable energy footprint, British oil giant BP has acquired the remaining 50.03% stake in Lightsource BP (LSBP), making it the sole owner of the London-based solar energy developer. The buyout, announced in November of the previous year, was closed for £400 million ($518 million), along with the assumption of £2.1 billion in debt. This acquisition supports BP’s ongoing shift from traditional fossil fuels to low-carbon and renewable energy production.

A Major Milestone in BP’s Energy Transition Strategy

The Lightsource BP acquisition plays a key role in BP’s strategy to diversify its energy sources and build its low-carbon portfolio. BP plans to continue operating Lightsource BP under a standalone model, preserving the company’s independent brand while leveraging BP’s resources to accelerate solar project development globally. BP intends to bring in an additional investor in the solar developer following the completion of this deal, broadening the platform’s access to capital for future growth.

BP Reinforces Renewable Energy Leadership with Experienced Team

Following the acquisition, Lightsource BP will be co-led by BP’s Joaquin Oliveira and founder Nick Boyle, who will jointly serve as co-CEOs. This leadership structure aims to enhance BP's low-carbon strategy through Lightsource BP’s expertise and operational independence. Established in 2010, Lightsource BP has grown to become a leader in the solar energy sector, with projects spanning Europe, North America, and emerging markets. BP’s acquisition allows Lightsource BP to further scale operations in line with BP's goal of reaching 50 gigawatts (GW) of renewable capacity by 2030.