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BP To Purchase Additional Equity In Lightsource BP To Become Equal Partner

BP (BP.L,BP_UN.TO,BP) and Lightsource BP have reached an agreement, under which BP will acquire newly-issued equity in Lightsource BP to create a 50:50 joint venture structure. Financial terms were not disclosed.

Lightsource BP is an independent leader in the development, funding and long-term management of utility-scale solar PV projects. In December 2017, BP acquired 43% of Lightsource.

Dev Sanyal, CEO of Alternative Energy, BP said: "BP is committed to helping meet the world's rapidly growing demand for low carbon energy. Solar, which is predicted to increase by a factor of 10 by 2040, plays a key role in this energy transition. That is why we want to invest more in Lightsource BP."

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