Petrobras and UK-based Lightsource bp will form a joint venture in Brazil, with Petrobras holding a 49.99% stake
The JV portfolio includes up to 1.5 GW of solar capacity at various development stages, including the 212 MW Milagres PV project already in operation
The move supports Petrobras’ energy transition strategy under its 2026–2030 business plan, which allocates $1.8 billion to onshore wind and solar PV
Petrobras, the state-owned oil company in Brazil, has ventured into solar energy generation by announcing a strategic partnership with UK-based solar energy projects developer, Lightsource bp. It has agreed to acquire a 49.99% stake in the latter’s subsidiaries in Brazil.
Their partnership will be structured as a joint venture (JV), a platform that can incorporate new renewable energy businesses such as energy storage. Its portfolio will comprise up to 1.5 GW capacity at an advanced stage of development and less mature projects in Brazil. It will also include the 212 MW Milagres PV Project, which has been operational since 2023.
“This joint venture aims to develop profitable renewable energy projects and increase the presence of Petrobras and Lightsource bp among the main players in the Brazilian renewable energy sector,” stated the duo.
For Petrobras, this partnership expands its role into the solar segment since it has already been developing solar projects at its refining units. The decision will diversify the company’s portfolio, aligned with its Business Plan 2026-2030. Petrobras plans to invest $13 billion for its energy transition initiatives, of which $1.8 billion has been reserved for onshore wind and solar PV, among other low-carbon energy sources. Its strategic focus, however, will remain on oil and gas.
“Additionally, Petrobras continues to seek partnerships for solar photovoltaic and onshore wind energy projects, aiming to capture commercial opportunities and expand its renewable energy self-generation capacity,” added Petrobras.
Petrobras had earlier announced an investment in solar manufacturing when it entered into a collaboration with CSEM Brasil in 2019 to develop printed solar films coated with perovskite-based ink formulations (see Petrobras Invests In Printed Solar Films).
Lightsource bp is currently up for sale as its owner, global oil and gas giant bp plc, focuses on the ‘high margin’ upstream business (see BP Seeking Buyers To Sell Stake In Solar Developer Lightsource BP).
