BP <BP.L> is getting back into solar power six years after its first, failed foray, with a $200 million investment in solar generator Lightsource that the oil and gas firm expects will deliver . But many BP investors have cast doubts over BPs vow that the renewables business could generate returns of 8% to 10%, higher than the sectors average of 5% to 6% in order to maintain and even grow shareholder payouts. Lightsource and bp celebrate five-year anniversary. You can choose to allow all cookies by clicking Allow all or manage them individually by clicking Manage cookie preferences, where you will also find more information. Working alongside your teams, we can offer our unparalleled framework, experience and resources to guarantee the performance of your assets. solar projects developed worldwide to date, US solar projects in construction or operations, USD project financing raised in the US since 2019, Executed US power contracts with clients in 11 states. Our gigawatt-approach to solar provides many benefits to our partners worldwide by leveraging economies of scale, ethical and sustainable procurement, and continuous improvement on quality and efficiency. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. Lightsource bp pays for the first $800 of the monthly insurance premium. Ordinary shares are ordinary fully paid shares in BP p.l.c. Lightsource and bp celebrate five-year anniversary. Oversee onboarding of new facilities. COLUMBUS, Ohio-- ( BUSINESS WIRE )--Lightsource bp has executed a power purchase agreement with Amazon for a new 375 megawatt (MWdc) solar project under development in Ohio, as part of Amazon's. Our team includes over 500 industry specialists, working across 15 countries. 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. From innovative technology, to boosting biodiversity and protecting bees, discover how our solar projects are making a difference. This website uses cookies so that we can provide you with the best user experience possible. We continue to grow teams, partnerships and projects throughout the world. 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. The brand gives us a credibility that it would take 30 years to develop on our own. The framework agreements, the largest in First Solars history, will provide modules scheduled to be delivered between 2023 and 2025 to support the companies solar development pipelines in the United States. (), USD The goal was to take the UK-based business global and, one year on, the Lightsource BP partnership has more than doubled its footprint around the world and has just announced a move into renewables-friendly Brazil, where the market potential for solar is huge. Brazil is a massive market with huge potential. Actual results may differ materially from those expressed in such statements depending on a variety of factors. We are using cookies to give you the best experience on our website. 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. The companys primary share listing is the London Stock Exchange. At Lightsource BP we firmly believe in the importance of a diverse, supportive, equality-driven work force, and were proud of everything weve done to create one. * Lightsource BP returns average 8% to 10% -CEO, * Some European projects offer higher returns - CEO, * BPs trading offers further profit opportunities -COO. Where we refer to the company, we mean BP p.l.c. You can find out more about which cookies we are using or switch them off in settings. After all, 2017 was also the year in which renewable power grew by almost 20% higher than the 10-year average led by solar energy. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. GBp Lightsource bp Renewable Energy Investments Limited. Brazil has all the hallmarks of a country in which Lightsource BP can thrive. We are making substantial progress on our strategy to pivot from an international oil company to an integrated energy company. Looking ahead to 2019, Souflis and Brooks are set to continue assessing opportunities together in multiple countries where Lightsource BP has no presence, at the moment, but where solar makes sense and where the BP name provides a strategic advantage. 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. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. 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. 2.2 MB. The projects are spread across 12 U.S states & will generate enough clean energy to power ~1.7 million U.S. homes. First Solar Investor Relations You can change your cookie settings at any time. 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. Our solar projects dont just generate clean electricity, but also benefit the local economy and ecosystem. 2018, The BP partnership has definitely given our whole team confidence. First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Lightsource bp is a global leader with local impact. Today, its average development can produce more than 70MW - with the largest in development in Australia at more than 500MW. You can find out more about which cookies we are using or switch them off in settings. February 27, 2023. The material on the bp Annual Report webpage (the Material) relates to the year ended 31 December 2021 and is provided for general information only. Lightsource bp is a global leader in utility-scale solar development and management. All rights reserved. All quotes delayed a minimum of 15 minutes. 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. Throughout the transition, our goal will be to maintain the high performance and steady progress we have shown since our transformation journey began in 2020. pdf / Annual report Performing while transforming Annual Report and Form 20-F 2021 pdf / 8.3 MB Strategy Business model Remuneration Key downloads Throughout the transition, our goal will be to maintain the high performance and steady progress we have shown since our transformation journey began in 2020. 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. But as an average we are absolutely confident that a return of 8% to 10% is achievable because thats where we are today.. LSbp's first site produced just 0.7 megawatts (MW) of solar power. If you experience any issues with this process, please contact us for further assistance. 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. This result is much lower than the UK average (this year 8.6% in favour of men), and is largely due to the composition of our workforce. This week SolarPower Europe released a follow-up interview with our Director of Environmental & Social Planning, Penny Laurenson. 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. Delivered by Investis. We power businesses and communities across the US with clean and affordable energy solutions. Today, we are recognized as aglobal solar leader, says its chief strategy officer, James Brooks. November:contracts are signed for 25MW of solar power in Western US. 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 company was incorporated in 1909 in England and Wales and changed its name to BP p.l.c. Our ability to help our customers manage these risks by providing long-term firm pricing and supply commitments, backed by First Solars reputation, is a key differentiator. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Energy Outlook 2023 considers the recent disruption to global energy supplies and associated impacts on global prices, and explores how this could affect the energy transition out to 2050. 260MW of affordable, clean and locally generated electricity for Texas communities. You should not place undue reliance on these forward-looking statements. Lightsource bp is a global solar leader and 50:50 JV partner with bp, working with utilities, businesses, local communities and governments to help meet the rising demand for affordable, reliable and sustainable energy. These modules are a critical step in delivering our 9GW solar pipeline that will provide affordable energy, create jobs, bolster the supply chain and deliver the type of returns our investors expect. Investors are looking at BPs transition and thinking that its ambitious but value destroying, one top 10 investor said, speaking on condition of anonymity. And, if youre confident, you can put your head down and deliver. We represent the opposite of that.. Designed and developed at its research and development (R&D) centers in California and Ohio, First Solars responsibly produced advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. BP International Limited. As part of the deal, Lightsource bp and bp have placed firm orders for approximately 4.4GWDC of modules, with options for an additional 1GWDC. Planned deployments for both companies include projects in Arkansas, Kentucky, Ohio, Pennsylvania, and Texas. Building scale with capital discipline and returns focus. We have always been driven, and our partnership with BP is a great enabler. 2023 Lightsource. 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. LIGHTSOURCE BP RENEWABLE ENERGY INVESTMENTS LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity 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. 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]. April:enters into power purchase agreement with NSG Group, supplying solar by private wire to Pilkington Glass facility in Lathom, UK. Lightsource bp Renewable Energy Investments Limited. Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/16dda5bd-3fb9-4df3-a008-49c75d6999d5, https://www.globenewswire.com/NewsRoom/AttachmentNg/f00065c2-75ab-46b9-b9e8-b9057d21ae52. Advancing our sustainable future At Lightsource bp, we've been developing utility-scale solar projects since 2010. Our success is built on more than just our solar projects. In the US, the companys securities are traded on the New York Stock Exchange (NYSE) in the form of ADSs (see page 368 of the bp Annual Report and Form 20-F 2021 for more details) and in Germany in the form of a global depositary certificate representing bp ordinary shares traded on the Frankfurt, Hamburg and Dusseldorf Stock Exchanges. Read more about supporting local communities, Procurement agreement with US-based manufacturer. All rights reserved. Home, Britoil, Lightsource BP, Llandarcy. 602-414-9315, Lightsource bp and bp Sign Multi-Year Agreement for up to 5.4GW of First Solar Modules, Western Hemispheres largest solar manufacturing footprint. Despite this years impressive results, were not complacent well continue working hard to make sure that equality and fairness is at the heart of our company policies and practices. Contact [email protected] SOCIAL RESOURCES As Americas familyfarmers and ranchers face increasing economic stress, opportunities to partner with solar farms are providing new income streams and in many cases, the ability to expand their operations. Find out more about our sustainability strategy and initatives. and corresponding auditors report do not form part of bps Annual Report on Form 20-F as filed with the SEC. We use some essential cookies to make our services work. Rachael will be responsible for Lightsource bps global procurement organisation including purchasing, supplier quality, and global supply chain strategy. The term shareholder in the bp Annual Report and Form 20-F 2021 means, unless the context otherwise requires, investors in the equity capital of BP p.l.c., both direct and indirect. Lightsource bp is an international solar business. Miguel will be responsible for delivering further growth in the EMEA markets through a combination of greenfield, co-development and M&A activities. As the first person on the ground when entering a new territory, he has found that, over the past year, the BP name has opened a lot of doors. This landmark solar industry procurement deal is a testimony to Lightsource bps exponential growth in the United States, and our confidence in First Solars technology, said Kevin Smith, chief executive officer, Americas, Lightsource bp. 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. These provide the basis for a common set of enduring objectives for bp as we transform the organization consistent with the long-term energy transition. Our purpose is to deliver affordable and sustainable solar. BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. You can change your cookie settings at any time. These forward-looking statements include, but are not limited to, statements concerning (i) the framework agreement to supply up to 5.4 gigawatts (GW)DC of solar modules to bp and Lightsource bp, (ii) an MoU with bp and Lightsource bp to explore opportunities to source solar electricity from generation assets owned by the two companies in the United States, (iii) First Solars plans to establish new factories in the United States and India and the expected capacities of those factories, and (iv) when those factories will commence operations and the companys resulting global manufacturing footprint. Discover how we are creating a positive impact across energy, the environment and our people. All rights reserved. This is where we come in. We provide full scope development for our projects, from initial site selection, financing and permitting through to long-term management of solar projects and power sales to our clients. For more information please visit www.lightsourcebp.com. Privately-owned Lightsource BP, which develops solar projects from their earliest stages, reported a turnover of 55.3 million pounds ($72.2 million) last year, compared with 40.7 million pounds. What Lightsource bp is doing to raise support for earthquake survivors in Turkey and Syria. It also translates into competitively priced electricity for our customers., Felipe Arbelaez, bps senior vice president of zero carbon energy, added: To help reach our net zero ambition and develop 50GW of renewable power by the end of this decade, we continue to invest in clean, reliable energy in the US. Lightsource bp Feb 2021 - Present2 years 1 month San Francisco Bay Area Provide O&M expertise to asset management team. Back Submit . 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. 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 offers comprehensive third-party O&M services, covering all aspects of solar operations and maintenance. With smaller pockets, comes a different approach. The consolidated financial statements of the group are on pages 145-253 and the corresponding reports of the auditor are on pages 146-172. Lightsource bp and AEP Energy Partners sign power contract for 188 megawatt solar farm in Indiana Lightsource bp today announced it has closed on a $533 million multiproject financing package for its 345-megawatt Ventress Solar project 30 miles northwest of Baton Rouge in Pointe Coupee Parish. April:formation of Eversource Capital, a JV with Everstone Group in India, to manage the Green Growth Equity Fund (GGEF). The Directors remuneration report is on pages 116-141. LONDON, Oct 22 (Reuters) - Solar power developer Lightsource BP has generated returns of 10% and more on projects, its chief executive told Reuters as investors fret over joint owner BPs plan to switch away from oil and gas to renewables. February:a deal to build, own and operate the largest solar facility in Kansas, US, for the Mid Kansas Electric Company is signed. In a statement Thursday, Lightsource bp which oil. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Together with our 50:50 joint venture partner bp, we are reimagining energy and enacting real change on the energy landscape, not just in the USA, but all over the world. 2023 Lightsource. 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. 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. 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? BP and Lightsource announced the partnership in December. Lightsource bp, Schroders Greencoat and H&M Group announce the completion of two new solar power stations in Leicestershire.