BP have furthered their commitment to exploring low carbon energy options, expanding their Lightsource BP shares to an equal 50:50 balance.
The deal will see new shares issued, allowing the UK headquartered solar development and management company Lightsource BP instant access to funds from the sale. It follows the fuel company’s acquisition of 43% of then-named Lightsource shares in December, 2017.
Following BP’s initial investment, Lightsource BP expanded its operations from five to 13 countries. Outside of Australia, it has also signed projects and Europe and the Americas.
BP have said the new acquisition will put Lightsource BP in a better position to work towards a 2023 goal for 10GW of developed assets. BP and Lighthouse BP will now be equally represented on the Lightsource BP board.
In a statement released on the sale, Lightsource BP CEO Nick Boyle said it will allow the company to speed up their operations.
“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. 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,” Mr Boyle said.