Other oil majors including Royal Dutch Shell. Although we need to move quickly, we are committed to scaling up safely, sustainably and responsibly putting people and the planet at the centre of everything we do.We know our plans for growth and job creation are very ambitious, but this is the pace of change we need to move at. The debt for the facilities was provided by the following mandated lead arrangers: The balance of the equity requirements will be invested by Lightsource bp. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. The Company engages in development and management of solar energy projects. And quite frankly we love it because it works., Boyle added: Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. About First Solar, Inc.First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Will His AI Plans Be Any Different? 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. We are excited to be a partner in bps transformation from an international oil company to an integrated energy company. Since our first deal closed in 2019, the US team has raised over $3.6 billion in project financing. All rights reserved. With a 7% additional stake, the British integrated energy giant has boosted its ownership interest . January The speed and breadth of that expansion is testament to the power of this partnership and what an integrated energy company with global reach brings to the table. have invested in renewable energy as they prepare for a shift away from fossil fuels in the fight against climate change. The modules, scheduled to be delivered between 2026 and 2028, are expected to power Lightsource bp projects in the United States. Sanyal said: In the four years since we formed Lightsource BP, it has tripled its footprint and doubled its workforce. Lightsource BP Renewable Energy Investments serves customers worldwide. We are using cookies to give you the best experience on our website. All quotes delayed a minimum of 15 minutes. tyro payments share price. 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. With over $3.3 billion of capital raised by our expert in-house project finance team in the US with multiple debt and tax equity partners, and leveragingourstrategic partnership withbp, we have access to some of the most competitive terms in the market. The foundation of our business is built on a culture of collaboration and inclusiveness. The Lightsource bp culture of openness, inclusivity and excellence begins with our executive leadership team. Our teams work hard to prioritize environmental sustainability and social justice into how we do business across the world. bp today announced plans to purchase publicly traded TravelCenters of America and bring one of the country's leading Liked by Becca Yenney Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Philadelphia, Atlanta and Houston. So when people ask if we really have the capability to deliver the returns we talk about, the answer couldnt be clearer yes, we can because we are, Sanyal said. Global installed solar generating capacity more than tripled in the past four years and grew by over 30 percent in 2016 alone, according to BPs Statistical Review of World Energy. As part of this pledge, Lightsource bp has also committed to using First Solars advanced high-value recycling program to manage modules at the end of their operating lives. 2021, Lightsource bp further accelerating growth, now targeting 25GW solar developments by 2025, In 2021, Lightsource bp already significantly increased its presence across many major European markets, including. ING Capital LLC, a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. Bosque de Palabras Our team includes over 500 industry specialists, working across 14 countries. Lightsource Global is Open For Business. Earlier this year Lightsource bp announced an ambitious new growth strategy, which included increasing the total capacity target of its projects, from 10 gigawatts by 2023 to 25 gigawatts by 2025 - that's enough to power the equivalent of 8.4 million homes. by June 7, 2022. GBp Understanding the tech stack of your customers, suppliers, and competitors provides insight into their level of investment in security and innovation. BP, which also has wind power, biofuels and biopower investments, said it would pay $50 million when the deal was completed and the balance of the $200 million over three years. Since its formation in 2010, Lightsource has developed 3.8GW of solar projects globally. Every region receives a tailored approach and is managed by a local team. The current global gas market crunch has further strengthened the political resolve to reduce the reliance on gas. I Fully Converted a Home to Electricity. 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. Our operating model is underpinned by our core values, enabled by agility and innovation, and governed by corporate functions. The. Szybko & bezpatnie. BP expects solar to generate about a third of the worlds total renewable power and up to 10 percent of total global power by 2035. 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. Modern Slavery And Human Trafficking Statement. The definition of a developed project is one that has either achieved financial close, or, have reached Final Notice to Proceed status, with all necessary permitting secured leaving construction ready to begin. Toggle navigation We call this approach responsible solar. Around the country we are seeing the positive impact that solar energy can have on communities as they embrace clean energy solutions to attract large companies with renewable energy goals, and serve to provide career opportunities in the growing solar construction sector. 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. BPs joint solar venture, Lightsource BP, will more than double its global expansion by 2025 after clinching a financing deal worth $1.8bn (1.3bn) to develop enough solar farms to power the equivalent of 8.4m homes. BP, which adopted a sunburst logo two decades ago to convey its ambition in solar energy, agreed to acquire a 43 percent stake in Europes largest solar developer. BP group CEO Bob Dudley said: BP has been committed to advancing lower-carbon energy for more than 20 years and were excited to be coming back to solar, but in a new and very different way. A spokesperson for BP told GTM that the company is eyeing growth for its renewable PPA business and will fulfill this demand for generation using in-house, affiliates or third-party partners as required. 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. The funding, provided by 10 top tier global financial institutions1, underpins Lightsource bps growth ambitions and execution strategy as it continues to accelerate the deployment of solar across the EMEA, Americas and Asia Pacific regions. MediaReuven ProenaFirst Solar Mediamedia@firstsolar.comMary GrikasLightsource bp Mediamary.grikas@lightsourcebp.com, InvestorsRobyn RemesFirst Solar Investor Relationsinvestor@firstsolar.com. Scott Canada, executive vice president of McCarthys Renewable Energy & Storage team: We are honored to be part of the team that is bringing clean energy to these Texas communities. For more information visit lightsourcebp.com, follow us on Twitter @lightsourceBP and Instagram @lightsourcebp or view our LinkedIn page. funeral tributes wairarapa. Lightsource BP engaged several advisory firms to close the transaction, including Norton Rose . Texas is home to three large-scale, fully operational Lightsource bp solar projects. By choosing a career at Lightsource bp, you will join a team that truly cares about creating a more sustainable future for our world, through safe and meaningful low carbon energy projects. Lightsource bp is a global leader in utility-scale solar development and management. We are using cookies to give you the best experience on our website. The largest, Impact Solar, is a 260-megawatt solar farm located in Lamar County, 120 miles northeast of Dallas. You can choose to allow all cookies by clicking Allow all or manage them individually by clicking Manage cookie preferences, where you will also find more information. Lightsource bp in the US currently has more than 3.7 gigawatts of contracted assets under long-term offtake agreements with a diverse group of investment grade counterparties. CohnReznick Capital was engaged as the tax equity advisor for the transaction. Utility-scale solar power is a resilient, reliable and predictable solution to climate change and energy security. Our people and projects are focussed on supporting long-term sustainable growth and strengthening the resilience of the world around us. So when people ask if we really have the capability to deliver the returns we talk about, the answer couldnt be clearer yes, we can because we are. The two companies have agreed to enter a strategic collaboration that would combine Lightsource's solar development and management expertise with BP's global scale, relationships . We integrate in-house development, asset financing, and operational management to optimize competitiveness and capture maximum value throughout the lifecycle of each clean energy project. (), USD These factors include, but are not limited to, the matters discussed under the captions Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission. Earlier this week Repsol moved the needle for oil companies when it. We integrate in-house development, asset financing, and operational management to optimize competitiveness and capture maximum value throughout the lifecycle of each clean energy project. But its activities have picked up in recent months. Dev Sanyal, who heads BPs Alternative Energy business said Lightsource differed from its previous investment because it was a solar power generator rather than maker of hardware. 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. 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. 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. Lightsource BP, rebranded from Lightsource Renewable Energy in 2018, is the largest solar developer in Europe, and third largest in the world outside of China. Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation, BP will pay $50m to Lightsource on completion of the agreement and the remaining amount will be paid in instalments over three years., Industrial solutions for power generation, Scotlands hydrogen strategy: Building a green energy economy, Africas rapidly growing energy transition opportunity, One year on: How the Russian invasion of Ukraine has driven and damaged renewables, The EUs new climate policy will spark international cooperation on carbon pricing, ACWA Power to build 1GW renewable energy project in Kazakhstan, Engie selects Ecoppia to clean 181MWac solar project in Chile, Electric Process Heaters Help Decarbonise Petrochemical Refining, Whos acquiring who? 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. The majority of its initial investment into Lightsource BP was to be made in installments over the course of three years, with one such payment of just over $50.7 million paid earlier this year. Utility-scale solar project financing case studies from the USA, Bank of America, ING Capital LLC and Societe Generale, Bank of America, Sumitomo Mitsui Banking Corporation (SMBC), Societe Generale and Export Development Canada (EDC), HSBC Bank USA, ING Capital LLC, Intesa Sanpaolo, NatWest, Societe Generale and Standard Chartered Bank, Learn more about Lightsource bp in the USA, See some of our projects and energy buyers, Layering sustainable benefitsat multiusesolar projects, Our end-to-end approach toutility-scale solar development, Take a look at how were making safe and ethical behavior a vital part of our business. And, as a result, the company has grown steadily, from its first 0.7-megawatt (MW) UK solar farm in 2010, to having developed three . This growth is expected to create over 500 new jobs within Lightsource bp over the next four years. 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. Our rapidly growing business is constantly learning, investing and pushing boundaries to help drive the energy transition at pace and scale. Designed and developed at its R&D centers in California and Ohio, First Solars advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. For over a decade weve been actively working to change the way our world is powered, with sustainable and responsible solar power. Responsible solar provides a holistic framework for us to positively impact energy . Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. (Reuters) - BP BP.L is getting back into solar power six years after its first, failed foray, with a $200 million investment in solar generator Lightsource that the oil and gas firm expects will deliver profits and deepen its foothold in renewable energy. Lightsource bp's in-house energy storage team is currently working on a 3GW pipeline of opportunities across three continents. Bank consortium opens door to deliver solar power to 8.4 million homes. 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. About us. It could also produce green hydrogen, which can be stored and used in place of gas throughout the year. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 2021, Lightsource bp completes $380M financing and mobilizes construction on 316 megawatts of solar in Texas. back houses for rent near me . As a company growing at significant pace and scale, we continue to invest in supporting our team members to be encouraged and empowered to change the world. Our expertise and investment in solar means were changing power for our customers, as we reimagine energy for the world. This is another sizeable commitment by Lightsource bp and a reflection of their trust in First Solar and our technology, said Georges Antoun, chief commercial officer, First Solar. 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 Renewable Energy Investments Limited specializes in the development, acquisition, and long-term management of solar projects and smart energy solutions. Lightsource Global connects U.S. workers with companies located down the street and around the world. We continue to grow teams, partnerships and projects throughout the world. The Lightsource bp culture of openness, inclusivity and excellence begins with our executive leadership team. It joined forces with bp in 2017 and rebranded to Lightsource bp the following year. Under the terms of the deal, BP will pay $50m to Lightsource on completion of the agreement and the remaining amount will be paid in instalments over three years. Combining them, along with storage, can maximise the grid capacity available. In addition to this 20GW-plus pipeline Lightsource bp is also developing a 9GW portfolio exclusively for bp. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? In October, Conor McGuigan, director of business development for Europe at Lightsource BP, told GTM the firm hoped to be able to exploit BPs trading arm, adding that the oil majors reputation gave the joint venture credibility very few solar developers could rival. Since 2010, and following our 50:50 joint venture with bp, we have been deploying affordable, reliable, large . 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. Separately, BP has acquired newly issued shares in UK-based Lightsource BP, lifting its stake to 50 percent. These forward-looking statements are often characterized by the use of words such as estimate, expect, anticipate, project, plan, intend, seek, believe, forecast, foresee, likely, may, should, goal, target, might, will, could, predict, continue and the negative or plural of these words and other comparable terminology. You can choose to allow all cookies by clicking Allow all or manage them individually by clicking Manage cookie preferences, where you will also find more information. Separately, BP has acquired newly issued shares in UK-based Lightsource BP, lifting its stake to 50 percent. Musk Made a Mess at Twitter. Lightsource bp is an integrated independent power producer that is shaping the future of global energy and sustainability by financing, developing, and maintaining the highest-quality solar PV and storage projects. 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. 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. The new investment will help support BPs existing alternative energy business, which includes wind energy, biofuels and biopower. Search 206 International jobs now available in Martensville, SK on Indeed.com, the world's largest job site. Last month, Engie purchased a 1.25GW solar and storage portfolio from Revolve Renewable Power. Optimising energy storage will play a key role in sustainable solar, including faster, deeper and smarter decarbonisation of electricity grids, and diversification of revenue for projects. We continue to invest in the latest AI technology to improve returns and performance. Global reach and buying power, Financing capability, Track record in delivery, Investment in innovation, Safety, Integrity, Respect, Sustainability and Drive. Free intelligence and insights from industry experts and leading companies on the global energy transformation. Since 2010, and following our 50:50 joint venture with bp, we have been deploying affordable, reliable, large-scale solar to help businesses and communities decarbonise. Company profile page for Lightsource BP Renewable Energy Investments Ltd including stock price, company news, press releases, executives, board members, and contact information We have developed and financed more than 8.8GW of projects around the world to date, with a goal of 25GW by 2025backed by a $1.8 billion credit facility. *Market data delayed by 20 minutes. Renewable Energy World is your premier source for the latest news in Green Energy sources. 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.. For more information, please visit www.firstsolar.com. Wind and solar generate electricity at different hours and seasons. Societe Generale, one of the leading European financial services groups, employing over 138,000 members of staff in 62 countries and supporting on a daily basis 29 million individual clients, businesses and institutional investors around the world. And big companies like Amazon, McDonalds and eBay are switching to clean energy. We use cookies to collect and analyse information on our site's performance and to enable the site to function. can i rent out my house after refinancing? Our management services are a critical pillar to the success of our develop-own-operate model and provides a feedback loop for continual improvement and competitive advantage. We harness and grow talent from all sectors to help accelerate the need for a low-carbon future. All rights reserved. Deal worth 1.3bn means operation will develop enough solar farms to power equivalent of 8.4m homes. 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. Lightsource founder and group CEO Nick Boyle said: Not only does this partnership make strategic sense, but our combined forces will be part of accelerating the low-carbon transition.. Mon 20 Sep 2021 02.00 EDT. This website uses cookies so that we can provide you with the best user experience possible.