Lightsource BP, With Fresh $1.8 B Fundraise, Targets 25 GW RE by 2025

Lightsource BP, the London-based solar developer led by Nick Boyle, with 50% ownership by BP has secured a  $1.8bn finance package that it announced will lead to a massive change in its plans for the immediate future. Calling the financing a key step to a change in mindset from ‘gigawatts to terawatts’ the firm has announced plans to go for 25 GW of renewable energy capacity by 2025, hiking a previous target of 10 GW by 2023.

The firm, which has hitherto been focused on capacities in Europe and the US, has also indicated moves to Asia soon, to achieve those ambitious numbers.

Lightsource BP group CEO Nick Boyle says “Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis.

If we’re going to meet the commitments of the Paris Agreement, business as usual isn’t going to cut it. Our industry-leading 25GW by 2025 target and the finance package are further proof that Lightsource BP has left business as usual far behind.”

The firm currently has already developed 3.8GW of projects, which it defines as past financial close or construction-ready. It’s 25 GW target places it in the company of India’s Adani Green Energy, which has also marked out a 25 GW target for 2025, a number it looks set to achieve well ahead of schedule in fact.

Lightsource BP’s fast developing pipeline and focus on targeted returns has earned it strong support from key stakeholder BP, which matters as the firm looks to raise more funds in the future. BP does not count its own renewable energy capacity targets with Lightsource BP numbers. BP entered the firm as partner in 2017, raising its stake to 50% within 2 years. The Lightsource BP venture has tripled its global reach to 15 countries, and doubled its workforce from 300 in 2017 to around 600 staff across its global portfolio today, with over 30 projects in the portfolio.