bp: completes acquisition of Lightsource bp

(CercleFinance.com) - bp yesterday announced that it had completed the acquisition of the remaining 50.
03% of Lightsource bp, dubbed the world leader in large-scale solar and energy storage.

With this transaction, bp strengthens its presence in the onshore renewable energy sector, with a development portfolio of 62 GW in 19 international markets.

Lightsource bp will, however, retain its autonomous operating model and independent brand.

According to William Lin, executive vice president for gas and low-carbon energy at bp, this acquisition is 'a driving force for the development of onshore renewable energy' and will contribute to bp's energy needs.

Meanwhile, Joaquin Oliveira, Managing Director of Lightsource bp, said he was 'excited' by the prospect of strengthening the company's profitability and growth.

The acquisition was completed for £400m. Following completion, bp's net debt stood at £2.1bn.


Copyright (c) 2024 CercleFinance.com. All rights reserved.