Lightsource bp Expands APAC Footprint with First Solar Project in Japan

Lightsource bp has expanded its presence in the Asia-Pacific (APAC) region with its entry into Japan, acquiring a 15 MWp solar project in Hokkaido. This move marks the company’s continued global growth, bringing its operations to 20 markets, including Australia, New Zealand, Taiwan, and South Korea.

Adam Pegg, , emphasized the company’s long-term commitment to Japan’s renewable energy sector.

“Our entry into Japan reflects our commitment to contributing to the region’s energy transition. By combining our international experience with local partnerships, we aim to support Japan’s renewable energy goals while building a strong and sustainable pipeline of renewable energy projects. This is just the beginning of our operations in Japan, and we’re excited to support the nation’s ambition for a low-carbon future,” states Adam Pegg, Chief Operating Officer for APAC at Lightsource bp.

Lightsource bp currently manages a global solar development pipeline exceeding 58 GW, with nearly 8 GW in the APAC region. The company follows a develop, engineer, construct, and farm-down business model, which focuses on creating value through selling majority stakes in developed assets to strategic partners.

In November 2023, bp completed the acquisition of the remaining 50.03 percent interest in Lightsource bp, reinforcing its commitment to renewable energy investments worldwide.

Japan’s Clean Energy Target

Japan aims to have 50 percent of its electricity mix from renewable sources by fiscal year 2040, while nuclear power is expected to contribute another 20 percent. The country also plans to reduce reliance on thermal power, particularly inefficient coal-fired plants, cutting its share from 68.6 percent in 2023 to 30-40 percent by 2040.