Lightsource bp has secured a $1.8bn credit and trade finance facility that will contribute to their target of developing 25GW of solar by 2025.

The company is a 50:50 joint venture with bp and aims to deliver affordable and sustainable power for businesses and communities across Australia and the world.

Announced today, the new funding, provided by 10 top tier global financial institutions, will help to accelerate the deployment of solar across the EMEA, Americas and Asia Pacific regions.

Nick Boyle, group chief executive for Lightsource bp said: “Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis.

“If we’re going to meet the commitments of the Paris Agreement — business as usual isn’t going to cut it. Our industry-leading 25GW by 2025 target and the finance package are further proof that Lightsource bp has left business as usual far behind.”

Through greenfield, co-development and acquisition opportunities, Lightsource bp is growing rapidly and expects to create over 500 new jobs over the next four years.

“We know our plans for growth and job creation are very ambitious, but this is the pace of change we need to move at,” added Boyle.

Since 2017, Lightsource bp has grown its global footprint from five to 15 countries and doubled its workforce from 300 to 600 people, with around 200 jobs being created and filled during the pandemic.

Dev Sanyal, bp’s executive vice president of gas and low carbon said: “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. Couple that with the drive and delivery of Lightsource and that’s where the magic happens.

“Lightsource bp has developed more than 30 projects, which today have consistently delivered eight to 10 per cent returns. So when people ask if we really have the capability to deliver the returns we talk about, the answer couldn’t be clearer – yes, we can because we are. Lightsource bp continues to deliver and it continues to grow. And quite frankly we love it – because it works.”

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