Lightsource bp has officially become a part of the bp group with the latter increasing its stake to 100%
The change brings in Joaquin Oliveira as the new group CEO as he joins in from bp’s gas and renewable energy group
Nick Boyle, the Lightsource bp founder and group CEO, has now moved into an advisory role
British oil and gas major bp p.l.c. has formally increased its stake in the solar power projects developer Lightsource bp to 100%, by acquiring the remaining 50.03% share it did not already own in the company. A change of guard ensues with Lightsource bp Founder and Group CEO of 13 years Nick Boyle stepping back to move into an advisory role.
He has been succeeded by Joaquin Oliveira as the group CEO. Oliveira joined Lightsource bp in February this year before which he was bp’s gas and renewable energy group CFO. He also served as the interim executive vice president for the gas and renewable energy group between October 2021 and March 2022.
An MBA from the Kelley School of Business at Indiana University, Oliveira’s appointment to lead Lightsource bp was part of the plan when bp announced the decision to up its stake in the developer to 100% for £254 million in November 2023 (see BP To Take Full Control Of Solar Developer Lightsource BP).
Oliveira will lead Lightsource bp as it executes its 62 GW development pipeline across 19 global markets.
Under bp’s banner, Lightsource bp will retain its standalone operating model and independent brand name, as the parent company said it will bring in a strategic partner into the business in due course.
For bp, this acquisition will help it meet its own demand for cost-competitive, low-carbon power, including power trading, electric vehicle (EV) charging, biofuels, and green hydrogen.
“This deal creates an engine for onshore renewable power development at bp – combining wind, solar and batteries to generate the energy flows our traders need to optimise value and the electrons our customers want. It also helps us with our own power demand. Ultimately, this capital-light model will help create significant value for bp’s wider operations,” said bp’s executive vice president for gas and low carbon energy, William Lin.