British solar developer Lightsource BP has announced the acquisition of a US portfolio of six solar development assets worth 135 megawatts (MW) based in the United States.
Lightsource BP is the resulting combination of British solar developer, owner, and operator Lightsource and a $200 million strategic investment partnership from one of the world’s largest oil and gas companies, British Petroleum, better known as BP. The strategic partnership was announced in December of 2017 and was heralded as an opportunity to bring together “Lightsource’s solar development and management expertise together with BP’s global scale, relationships and trading capabilities to drive further growth across the world.”
BP walked away with a 43% equity share in Lightsource, while the latter was able to pump $200 million into growing its global pipeline of assets.
“We founded Lightsource to lead the solar revolution and chose to partner with BP because, like us, their ambition is to build and grow this company for the long-term,” said Nick Boyle, Group CEO and founder of Lightsource in December. “Not only does this partnership make strategic sense, but our combined forces will be part of accelerating the low-carbon transition. Solar power is the fastest growing source of new energy and we are excited to be at the forefront of this development.”
Announced last week, Lightsource BP revealed that it would acquire a portfolio of six solar development assets from Orion Renewable Energy Group worth 135 MW, consisting of projects in the liquid PJM power pool, and specifically in Pennsylvania and Maryland, new markets deemed to be of increased growth of late.
Lightsource BP’s announcement comes on the heels of the release of a draft plan by the Pennsylvania Department of Environmental Protection (DEP) which outlines the state’s intention to expand its solar capacity to 11 GW and a goal of supplying 10% of its electricity from solar by 2030.
“The acquisition of the largest solar development portfolio in Pennsylvania builds on our proven reputation as a global renewable energy leader,” said Nick Boyle this month. “We are accelerating the development of solar with a strong focus on new and underserved markets, as it is an important component of a diverse fuel mix.”