Investors are looking at BPs transition and thinking that its ambitious but value destroying, one top 10 investor said, speaking on condition of anonymity. We continue to grow teams, partnerships and projects throughout the world. Read story 28 Feb, 2023 The BP partnership has definitely given our whole team confidence, Brooks says. I joined when it was just six people huddled around two laptops, and from that first moment the ethos was clear, Lightsource bp, a global leader in the development and management of solar energy projects, today announced the sale of five utility scale solar photovoltaic (PV). Solar Energy UK, the UKs solar trade association, has shone a light on new research that suggests that solar farms can contribute positively to food security. You should not place undue reliance on these forward-looking statements. Weve established a good foundation with BP helping us to embed business processes and, after year one, were ready to deliver real growth momentum.. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Miguel will be responsible for delivering further growth in the EMEA markets through a combination of greenfield, co-development and M&A activities. First Solar, Inc. (NASDAQ: FSLR) today announced that global solar leader, Lightsource bp has placed an order for 4 gigawatts (GW)DC of advanced thin film solar modules. In addition to its Ohio manufacturing facilities, First Solar also operates factories in Vietnam and Malaysia, and has previously announced plans to build a new 3.3GW factory in India that is expected to be commissioned in the second half of 2023. Lightsource BP's initial goal was to use the oil giant's financial muscle to grow a 1.6 gigawatt pipeline of solar projects to a portfolio of 10GW of solar investments by 2023. You can find out more about which cookies we are using or switch them off in settings. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. GBp This week SolarPower Europe released a follow-up interview with our Director of Environmental & Social Planning, Penny Laurenson. (), USD [email protected] Lightsource bp is an international solar business. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. Here are some examples of how we performed in 2021. 2005 BP Alternative Energy Is Launched, from the Deep Sea to the Desert, from Rigs to Retail, Charging Company, Energy with Purpose Means Helping the World Reach Net Zero, BP Plc Group Results Second Quarter and Half Year 2020(A), Exxon Mobil Corp., Exxonmobil Oil Index No, The Forces Maintaining Fossil Fuel Dependence in the Age of Electric, Financial Institutions with a Full Business Law Service, BP P.L.C. BP undoubtedly lends its global scale, built up over more than a century, to the partnership, opening doors and sharing its knowledge of operating in territories covering the US, India, Europe and the Middle East. Our responsibly developed utility-scale projects around the world provide affordable and sustainable energy to businesses and local communities. Such a strategy, known as a farm down, helps bring up the overall returns on a project, Boyle said. ()*, GBp You can find out more about which cookies we are using or switch them off in settings. Where we refer to the company, we mean BP p.l.c. As a leading developer, financier and operator of utility-scale solar, we have been building and growing meaningful partnerships across the energy transition for over a decade. Visit one of our regional websites to find out more about our local projects, initiatives and key contacts. BATON ROUGE, La.-- ( BUSINESS WIRE )--Lightsource bp has successfully closed on a $533 million multi-project financing package and mobilized construction on its 345 megawatt (dc) Ventress Solar. the Role of Oil and Gas, Sustainability Report 2020 Sustainability at Bp 2020 at a Glance Our Foundations Our Focus Areas Embedding Sustainability External Collaborations Our Reporting, Parent Company Financial Statements of BP P.L.C, DID YOU KNOW? Lightsource bp Renewable Energy Investments Limited. In just 11 months, the company has been awarded significant corporate power contracts in the US and Australia, entered the Egyptian energy market through a joint venture, and established a 500 million green energy infrastructure fund in India. But, we havent tried to run too fast; weve gone slowly to go quickly, if that makes sense. Lightsource bp is a global leader in utility-scale solar development and management. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 2023 Lightsource. Oil and gas will remain BPs largest source of income over the coming decade which will help pay for the shift to low-carbon energy. Our sector is fundamentally about financing. High-grading our portfolio, lowering our emissions and driving returns. I started in this business six years ago, when we were just finding our feet in the UK and a few hundred megawatts seemed a big ambition. Will stimulate local economy by bringing an estimated $30 million in new revenue to the . 264.7 KB. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. Delivered by Investis. ANNUAL REPORT AND FINANCIAL STATEMENTS 2019. Read more about supporting local communities, Procurement agreement with US-based manufacturer. You can find out more about which cookies we are using or switch them off in settings. Oversee onboarding of new facilities. The great majority of this investment will fund Lightsource's. We believe that sustainability and social responsibility are crucial for long-term business success and this is embedded within our business model, holding us accountable to those principles. 260MW of affordable, clean and locally generated electricity for Texas communities. You can find out more about which cookies we are using or switch them off in settings. BP p.l.c. Nick Boyle, the Lightsource BP chief executive, said that his business already sees returns targeted by BP. *Market data delayed by 20 minutes. The Material may contain certain forward-looking statements, forecasts or projections with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. And Lightsource, formed in 2010, also brings something distinctive to the table: a different perspective on individual project and portfolio financing, according to Brooks. By providing your email address below, you are providing consent to First Solar, Inc. to send you the requested Investor Email Alert updates. Lightsource bp Renewable Energy Investments Limited. The project is primarily located on 1,800 acres of land on EVRAZ Rocky Mountain Steel property in Pueblo. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. They have a combination of technologies that effectively allows them to deliver for customers in different jurisdictions. ($1 = 0.7660 pounds) (Reporting by Ron Bousso; editing by Emelia Sithole-Matarise). The full details of our Gender Pay Gap Report 2018 can be found here. Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. You can find out more about which cookies we are using or switch them off in settings. BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. BPs shares linger near 25-year lows after it halved its dividend in August. It is an existing key geography for BP, too, and we already are seeing huge opportunity, says Vlasios Souflis, Lightsource BPs international business development director, who is heading up this latest market entry into Latin America. All rights reserved. Lightsource bp and bp have signed a multi-year agreement for up to 5.4 gigawatts of First Solar modules to be delivered between 2023 and 2025 (Photo: Lightsource bp) Order includes up to 4.3GW for . The team is keen to get started in a country where solar is currently heavily underrepresented in the power generation mix but provides a cheaper, flexible, quick-to-deploy energy option that can be placed close to where the demand is. Lightsource BP - the solar developer 50% owned by the oil supermajor - announced a more than doubling in growth ambitions backed by a $1.8bn finance package as it hailed "a shift in mindset from gigawatts to terawatts" by the global renewables sector. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Philadelphia, Atlanta and Austin. This project consists of a 200MWdc solar farm at Goolma Road, Wuuluman. Lightsource BP is a British company with headquarters in London, and offices in Madrid, Milan, Athens, San Francisco, Philadelphia, Mumbai, New Delhi, Cairo, Melbourne, Amsterdam, Bath, Belfast and Dublin. When I think about how weve grown as a company, its very, very different to just adding megawatts we have also added great talent and continued to mature and innovate for clients and other stakeholders to stay ahead of the competition, says Brooks. Lightsource bp offers comprehensive third-party O&M services, covering all aspects of solar operations and maintenance. of 1 each. 2023 Lightsource. Our key reports include information about our financial and operating performance, sustainability performance and also global energy trends and projections. The new facility is expected to be commissioned in the first half of 2023 and when fully operational will scale the companys Northwest Ohio footprint to a total annual capacity of 6GW, which is believed to make it the largest fully vertically integrated solar manufacturing complex outside of China. The former Goldman Sachs principal and investor went from finance to an operating business because: I have an enormous personal conviction about the energy transition and the ability to have a real impact.. These factors include, but are not limited to, the matters discussed under the captions Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission. Brooks has a Winston Churchill quote in mind: Now, this is not the end. Lightsource and bp celebrate five-year anniversary Read story 01 Mar, 2023 Lightsource bp will promote the development of 19 solar projects, involving an investment of 1.2 billion Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Building scale with capital discipline and returns focus. See here for a complete list of exchanges and delays. With First Solars expansion in the United States and India and optimization of its existing fleet, the company anticipates that its nameplate manufacturing capacity will double to 16GW by 2024. See how we are accelerating our country's transition to a low-carbon future through our utility-scale solar projects. Our wide range of energy solutions provide cost-effective end-to-end offerings designed to fit your needs. August:further US expansion is announced with the acquisition of six solar development assets in Pennsylvania and Maryland. The companys primary share listing is the London Stock Exchange. The project will be the largest solar project in the state and will help McDonald's and eBay meet their sustainability goals and advance their commitment to climate action. As we continue to grow and progress our 10GW development pipeline across America, in addition to our partner bps 9GWs, executing significant long-term procurement agreements with bankable, world class suppliers like First Solar enables us to deliver on our growth plans and industry-leading global target of 25GW of solar by 2025. The bp Annual Report and Form 20-F 2021 available for download on this webpage constitutes the Annual Report and Accounts in accordance with UK requirements and the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934, for BP p.l.c. May: Lightsource BP acquires IoT (Internet of Things) business in Ireland called Ubiworx to strengthen digital capability. Even better, solar shepherds are fighting climate change and promoting healthy landscapes while they maintain vegetation under and around the solar panels. Since 2010, weve provided sustainable and affordable energy to businesses and communities throughout the UK. April:enters into power purchase agreement with NSG Group, supplying solar by private wire to Pilkington Glass facility in Lathom, UK. From raw material sourcing and manufacturing through end-of-life module recycling, First Solars approach to technology embodies sustainability and a responsibility towards people and the planet. LSbp's first site produced just 0.7 megawatts (MW) of solar power. The Strategic report and the Directors report together include the management report required by DTR 4.1 of the UK Financial Conduct Authoritys Disclosure Guidance and Transparency Rules. Information in the bp Annual Report and Form 20-F 2021 reflects 100% of the assets and operations of the company and its subsidiaries that were consolidated at the date or for the periods indicated, including non-controlling interests. You've accepted analytics cookies. bps ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. The modules, scheduled. Even better, solar shepherds are fighting climate change and promoting healthy landscapes while they maintain vegetation under and around the solar panels. Choose a career where you are empowered to change the world! To obtain a hard printed copy of BP's complete audited financial statements, free of charge, UK based investors should contact bp Distribution Services by clicking the link above or calling +44 (0)870 241 3269 or by emailing [email protected]. Construction on this project commenced in December 2019. Lightsource bp, Schroders Greencoat and H&M Group announce the completion of two new solar power stations in Leicestershire. Group Results Fourth Quarter and Full Year 2019 Highlights. November:contracts are signed for 25MW of solar power in Western US. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Cookies also allow us and our partners to show you relevant ads when you visit our site and other 3rd party websites, including social networks. Our most recent Annual Report and Form 20-F is available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov SOURCE BP PLC . Lightsource bp is an international solar business. Lightsource BP will continue to publish an annual Gender Pay Gap Report, despite falling below the threshold of businesses required to do so, as evidence of our dedication to fair pay and transparency. You've rejected analytics cookies. Lightsource BP, rebranded from Lightsource Renewable Energy in 2018, is the largest solar developer in Europe, and third largest in the world outside of China. Discover how we are creating a positive impact across energy, the environment and our people. As 2017 drew to a close, BP joined forces with a trailblazing company called Lightsource, Europes largest solar developer. In order to advance our purpose and ambition, we have identified three strategic focus areas, and weve set targets and aims against these out to 2025 and 2030. If you are passionate about accelerating the energy transition, and looking to join a global collaboration of team members focused on delivering sustainable power, visit our careers page to find out more about working at Lightsource bp. All rights reserved. , opportunities to partner with solar farms are providing new income streams and in many cases, the ability to expand their operations. 382.4 KB, pdf / Its recent list of new deals includes plans to leverage its expertise in developing innovative power purchase agreements (PPAs) in Iberia, for example. 2018, The BP partnership has definitely given our whole team confidence. Lightsource bp Renewable Energy Investments Limited. Doubling adjusted EBITDA, sustaining returns, focused on customers. Lightsource bp and AEP Energy Partners Sign Power Contract for 188 Megawatt Solar Farm in Indiana. Working alongside your teams, we can offer our unparalleled framework, experience and resources to guarantee the performance of your assets. As the company's shares, in the form of ADSs, are listed on the NYSE, an Annual Report on Form 20-F is filed with the SEC. After submitting your request, you will receive an activation email to the requested email address. It is just the start for us in Latin America, Souflis adds. is the parent company of the bp group of companies. It is a key element in BP CEO Bernard Looneys plan to grow BPs renewable power generation capacity 20-fold by 2030 to 50 GW from solar and wind power. All quotes delayed a minimum of 15 minutes. * Lightsource BP returns average 8% to 10% -CEO, * Some European projects offer higher returns - CEO, * BPs trading offers further profit opportunities -COO. About Lightsource bp farmers and ranchers face increasing economic stress. "Reliability is super-important, too this is a young industry, so its like a gold rush, with new players coming into the market who want to flip things quickly. A year ago, Lightsource was the established solar leader in Europe. (Loading)*. But, while it is proud of projects that are bringing renewable energy to millions of homes in India, for example, the focus this year has been on laying the foundations for further growth, rather than simply building capacity. London-based Lightsource BP, which is half-owned by oil major BP and will mark its 10th anniversary later this year, has rapidly grown around the world in recent years and aims to reach 10 gigawatt (GW) of solar capacity by 2023 from a current 2 GW . We are using cookies to give you the best experience on our website. Ordinary shares are ordinary fully paid shares in BP p.l.c. Back Submit . Weve made a number of new hires across the Group, and the number of women in higher paying roles has increased, which is something were very proud of. June:first utility solar plant in Maharashtra, India, iscompleted and connected financed by UK Climate Investments, a JV between the Green Investment Group and the Department for Business Energy and Industrial Strategy. Were looking at assets in some parts of Europe that definitely offer double digit returns and we are also looking at assets in other parts of the world that are lower than that, he told Reuters in an interview this month. 2.2 MB. Lightsource BP will continue to publish an annual Gender Pay Gap Report, despite falling below the threshold of businesses required to do so, as evidence of our dedication to fair pay and transparency. All rights reserved. Under the agreement, First Solar has firm orders for 1.55GWDC of modules in 2023, 1.3GWDC in 2024, and 1.55GWDC in 2025. bp is Americas largest energy investor since 2005, investing more than $130 billion in the economy and supporting about 230,000 additional jobs through its business activities. Lightsource bp, a 50:50 joint venture with bp, unveiled the solar project that will help reduce emissions and support more than 1,000 jobs at EVRAZ's Pueblo steel mill - the world's first steel mill to be powered largely by solar energy. For more information on bp in the US, visit www.bp.com/us. Our solar projects dont just generate clean electricity, but also benefit the local economy and ecosystem. The company was incorporated in 1909 in England and Wales and changed its name to BP p.l.c. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. And, if youre confident, you can put your head down and deliver. The parent company financial statements of BP p.l.c. Souflis adds: For us, success is not about just creating megawatts projects have to be profitable. The US solar industry is at an important inflection point where it must continue the charge towards delivering 45% of our countrys electricity by 2050 while addressing the risks and uncertainty posed by increasingly volatile solar panel production, pricing, and supply, said Georges Antoun, chief commercial officer, First Solar. Report this post Report Report. DocuSign Envelope ID: A3060411-4035-4A47-88F1-5E2F2BB0AEEC, We Want to Help the World Reach Net Zero and Improve People's Lives, Reliance and BP Move Forward with Indian Fuels Partnership., BP Annual Report and Form 20-F 2018 Scoping Our Scope Covered 136 Components, Press Release by BP and Reliance Industries Limited, BP International Limited ANNUAL REPORT and FINANCIAL, In the Superior Court of the State of Delaware, 1 Complaint Against BP in Respect of Violations of the OECD Guidelines, Plaintiffs' Response in Opposition to BP Motion, Energy Transition: Evolution Or Revolution? When it joined RE100 in 2020, First Solar committed to powering 100 percent of its global manufacturing operations with renewable energy by 2028, with an interim goal of transitioning its facilities in the US to carbon-free electricity by 2026. The Directors remuneration report is on pages 116-141. November Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. This website uses cookies so that we can provide you with the best user experience possible. November:expansion into Italy, Iberia and Brazil is announced. The projects are spread across 12 U.S states & will generate enough clean energy to power ~1.7 million U.S. homes. LIGHTSOURCE BP RENEWABLE ENERGY INVESTMENTS LIMITED, for LIGHTSOURCE BP RENEWABLE ENERGY INVESTMENTS LIMITED (09494479), (of the document filed at Companies House), Companies House does not verify the accuracy of the information filed. We are using cookies to give you the best experience on our website. Lightsource bp is a global leader in utility-scale solar development and management. Modern Slavery And Human Trafficking Statement.
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