Brooks has a Winston Churchill quote in mind: Now, this is not the end. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. BP International Limited. , opportunities to partner with solar farms are providing new income streams and in many cases, the ability to expand their operations. 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. Lightsource and bp celebrate five-year anniversary. Lightsource and bp celebrate five-year anniversary. If you experience any issues with this process, please contact us for further assistance. BP p.l.c. Brazil has all the hallmarks of a country in which Lightsource BP can thrive. 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. bps ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. The ability to bring base load is something that a trading operation like BPs can deliver, Lightsource BP chief operating officer and co-founder Kareen Boutonnat said. There is going to be a huge amount of capital flow into new business models, he predicts. As a leading global solar developer and bp partner, we are rapidly scaling-up to help meet the rising demand for reliable electricity, while supporting the global energy transition to net zero. Assist in contract negotiation and. High-grading our portfolio, lowering our emissions and driving returns. February:a deal to build, own and operate the largest solar facility in Kansas, US, for the Mid Kansas Electric Company is signed. In February 2019, Penn State and Lightsource bp announced that theyd signed a 25-year contract for clean, renewable electricity to power the university. The Material does not (i) form part of the bp Annual Report and, pdf / July:announces Egypt market entry through a JV with Hassan Allam Utilities, one of the largest Egyptian construction firms. December 2022 marks five years since bp and Lightsource entered into a partnership to become Lightsource bp a 50:50 joint venture between the companies. Lightsource bp is an international solar business. For more information on bp in the US, visit www.bp.com/us. London-based Lightsource BP now wants to develop 25GW of projects by 2025, upping a . It makes good business sense, too. As the company's shares, in the form of ADSs, are listed on the NYSE, an Annual Report on Form 20-F is filed with the SEC. 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. And, if youre confident, you can put your head down and deliver, Lightsource BP: one year on and going global. And Lightsource, formed in 2010, also brings something distinctive to the table: a different perspective on individual project and portfolio financing, according to Brooks. This website uses cookies so that we can provide you with the best user experience possible. 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. Partnerships are a key part of our approach, enabling better and faster utilization of our network. In just 11 months, the company has been awarded significant corporate power contracts in the US and Australia, entered the Egyptian energy market through a joint venture, and established a 500 million green energy infrastructure fund in India. At Lightsource bp, weve been developing utility-scale solar projects since 2010. Lightsource bp Renewable Energy Investments Limited. The project is primarily located on 1,800 acres of land on EVRAZ Rocky Mountain Steel property in Pueblo. The new facility is expected to be commissioned in the first half of 2023 and when fully operational will scale the companys Northwest Ohio footprint to a total annual capacity of 6GW, which is believed to make it the largest fully vertically integrated solar manufacturing complex outside of China. Were proud to announce that over the past three months weve secured planning permission for a total of over 100MW of solar and storage projects in the UK. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. 2018, The BP partnership has definitely given our whole team confidence. Unless otherwise stated or the context otherwise requires, the term BP or "bp" and terms such as we, us and our are used for convenience to refer to one or more of the members of the bp group instead of identifying a particular entity or entities. The team is keen to get started in a country where solar is currently heavily underrepresented in the power generation mix but provides a cheaper, flexible, quick-to-deploy energy option that can be placed close to where the demand is. 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. In 2021 we started directly supplying customers in China with gas from liquefied natural gas (LNG) imported by bp, completing our first fully integrated gas value chain into the country. 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 is a global leader with local impact. Back Submit . We work with businesses and communities around the world to deliver low-carbon solar energy projects. You can find out more about which cookies we are using or switch them off in settings. In a statement Thursday, Lightsource bp which oil. Earlier this year, First Solar announced that it will invest $680 million to expand Americas domestic PV solar manufacturing capacity by 3.3GW annually, by building its third US manufacturing facility, in Lake Township, Ohio. When I think about how weve grown as a company, its very, very different to just adding megawatts we have also added great talent and continued to mature and innovate for clients and other stakeholders to stay ahead of the competition, says Brooks. Lightsource bp announces the appointment of Miguel Fernandez Hortelano as Group Head of Risk and Energy Markets. Modern Slavery And Human Trafficking Statement. To obtain a hard printed copy of bps 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 bpdistributionservices@bp.com. Find out more about how Lightsource bp works and operates and our partnership with bp. But it is, perhaps, the end of the beginning., Were getting mission ready for our next big steps, he says. Our responsibly developed utility-scale projects around the world provide affordable and sustainable energy to businesses and local communities. 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. Since 2010, we've provided sustainable and affordable energy to businesses and communities throughout the UK. Lightsource bp is an international solar business. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. *Market data delayed by 20 minutes. For more information, please visit www.firstsolar.com. 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. Construction on this project commenced in December 2019. This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Even better, solar shepherds are fighting climate change and promoting healthy landscapes while they maintain vegetation under and around the solar panels. 2023 Lightsource. 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 . Helge Lund, chair Chair's letter pdf / 264.7 KB The 260-megawatt Impact . If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com. In August 2021 Lightsource bp signed a new power purchase agreement with McDonald's and eBay for a 345MW solar project under development in Louisiana. Lightsource bp Renewable Energy Investments Limited. It sees further profit opportunities from BPs large power trading business, which can offer customers power from various sources such as solar, wind or natural gas. June:first utility solar plant in Maharashtra, India, iscompleted and connected financed by UK Climate Investments, a JV between the Green Investment Group and the Department for Business Energy and Industrial Strategy. Our wide range of energy solutions provide cost-effective end-to-end offerings designed to fit your needs. LSbp's first site produced just 0.7 megawatts (MW) of solar power. All rights reserved. First Solar Investor Relations February 27, 2023. Our success is built on more than just our solar projects. November:expansion into Italy, Iberia and Brazil is announced. What Lightsource bp is doing to raise support for earthquake survivors in Turkey and Syria. New Mexico 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. 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. August:further US expansion is announced with the acquisition of six solar development assets in Pennsylvania and Maryland. 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. But as an average we are absolutely confident that a return of 8% to 10% is achievable because thats where we are today.. DocuSign Envelope ID: A3060411-4035-4A47-88F1-5E2F2BB0AEEC. Lightsource bp and AEP Energy Partners Sign Power Contract for 188 Megawatt Solar Farm in Indiana. This is where we come in. (Loading)*. Building scale with capital discipline and returns focus. These forward-looking statements are often characterized by the use of words such as estimate, expect, anticipate, project, plan, intend, seek, believe, forecast, foresee, likely, may, should, goal, target, might, will, could, predict, continue and the negative or plural of these words and other comparable terminology. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com. Ordinary shares are ordinary fully paid shares in BP p.l.c. Lightsource bp Renewable Energy Investments Limited. 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. We are using cookies to give you the best experience on our website. For staff members with dependents, Lightsource will cover 50% of the costs of covering dependents. 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. Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. We use cookies to collect and analyse information on our site's performance and to enable the site to function. A year ago, Lightsource was the established solar leader in Europe. 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. The bp Annual Report and Form 20-F 2021 contains the Strategic report on the inside front cover and pages 1-80 and the Directors report on pages 81-115, 116 (in part only), 142-143, 254-281 and 337-388. See here for a complete list of exchanges and delays. farmers and ranchers face increasing economic stress. 2005 BP Alternative Energy Is Launched, from the Deep Sea to the Desert, from Rigs to Retail, Charging Company, Energy with Purpose Means Helping the World Reach Net Zero, BP Plc Group Results Second Quarter and Half Year 2020(A), Exxon Mobil Corp., Exxonmobil Oil Index No, The Forces Maintaining Fossil Fuel Dependence in the Age of Electric, Financial Institutions with a Full Business Law Service, BP P.L.C. Lightsource BP's initial goal was to use the oil giant's financial muscle to grow a 1.6 gigawatt pipeline of solar projects to a portfolio of 10GW of solar investments by 2023. 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. Lightsource bp has built or financially closed on more than 900 MW of solar this year and plans on 1,000 MW in 2021. Post Online Media. Todays announcement reflects the speed in which were moving to deliver these high-quality solar projects. Our sector is fundamentally about financing. 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 will continue to publish an annual Gender Pay Gap Report, despite falling below the threshold of businesses required to do so, as evidence of our dedication to fair pay and transparency. Since late 2017, the team has developed a pipeline of more than 10 gigawatts of large-scale solar projects at various stages of development across the United States with over 2.8 gigawatts of contracted assets with clients in 11 states representing more than $2.3 billion in expected investment. We are using cookies to give you the best experience on our website. The full details of our Gender Pay Gap Report 2018can be found here. The companys primary share listing is the London Stock Exchange. London-based Lightsource BP, which is half-owned by oil major BP and will mark its 10th anniversary later this year, has rapidly grown around the world in recent years and aims to reach 10 gigawatt (GW) of solar capacity by 2023 from a current 2 GW . The previous year, we reported a gap of 1.2% in favour of men (compared to the UK mean, which was 17.4% according to ONS), and this year our mean gender pay gap is 6%, in favour of women. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. 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. Lightsource bp, Schroders Greencoat and H&M Group announce the completion of two new solar power stations in Leicestershire. Sustainability is integrated into our business strategy and operating model at every level. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Privately-owned Lightsource BP, which develops solar projects from their earliest stages, reported a turnover of 55.3 million pounds last year, compared with 40.7 million pounds a year earlier,. These factors include, but are not limited to, the matters discussed under the captions Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission. BP Annual Report and Form 20-F 2018 Scoping Our Scope Covered 136 Components; Governance Report 2020 Pdf / 2.2 MB; . We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. The former Goldman Sachs principal and investor went from finance to an operating business because: I have an enormous personal conviction about the energy transition and the ability to have a real impact.. We are making substantial progress on our strategy to pivot from an international oil company to an integrated energy company. 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. You should not place undue reliance on these forward-looking statements. You can sign up for additional alert options at any time. As a business, we also care deeply about our culture and values, invest in our teams, and place people and communities at the heart of the decisions we make. 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. Sustainability is at our core. ()*, GBp Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. 264.7 KB. and corresponding auditors report do not form part of bps Annual Report on Form 20-F as filed with the SEC. for the year ended 31 December 2021. We'd also like to use analytics cookies so we can understand how you use our services and to make improvements. Lightsource BP is a British company with headquarters in London, and offices in Madrid, Milan, Athens, San Francisco, Philadelphia, Mumbai, New Delhi, Cairo, Melbourne, Amsterdam, Bath, Belfast and Dublin. 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 Weve just released our second annual Gender Pay Gap Report, which covers our gender differences in terms of population, pay and bonus levels from March 2017 to March 2018. We recognise that the rising need for energy must be met through sustainable sources. Rachael will be responsible for Lightsource bps global procurement organisation including purchasing, supplier quality, and global supply chain strategy. November:contracts are signed for 25MW of solar power in Western US. You can find out more about which cookies we are using or switch them off in settings. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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. Were proud to announce that over the past three months weve secured planning permission for a total of over 100MW of solar and storage projects in the UK. Here are some examples of how we performed in 2021. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. Lightsource BP, like rivals including Frances Total , sees further opportunities for profits from selling solar and wind power projects it had developed from early stages. 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. Lightsource BP, a global solar company in which oil major BP has a 50 percent stake, has begun commercial operation of its largest solar project located in North Texas. Investors are looking at BPs transition and thinking that its ambitious but value destroying, one top 10 investor said, speaking on condition of anonymity. As 2017 drew to a close, BP joined forces with a trailblazing company called Lightsource, Europes largest solar developer. What the two companies have in common is a shared ambition to accelerate the global low carbon transition. Our team includes over 500 industry specialists, working across 15 countries. You can change your cookie settings at any time. (Loading)*. 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. This project consists of a 200MWdc solar farm at Goolma Road, Wuuluman. All rights reserved. Solar Power Europe released the entries for its Solar Flora and Fauna photo competition. And the next big steps are bigger projects and more volume. 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. Lightsource bp Renewable Energy Investments Limited. November Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Procurement agreement with US-based manufacturer. 2023 Lightsource. 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. From innovative technology, to boosting biodiversity and protecting bees, discover how our solar projects are making a difference. And, if youre confident, you can put your head down and deliver. Advancing our sustainable future At Lightsource bp, we've been developing utility-scale solar projects since 2010. BP and Lightsource announced the partnership in December. * Lightsource BP returns average 8% to 10% -CEO, * Some European projects offer higher returns - CEO, * BPs trading offers further profit opportunities -COO. 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. You can find out more about which cookies we are using or switch them off in settings. The consolidated financial statements of the group are on pages 145-253 and the corresponding reports of the auditor are on pages 146-172. Today, we are recognized as aglobal solar leader, says its chief strategy officer, James Brooks. Find out more about how our solar projects champion local biodiversity, promote agricultural land use, and support local economies. We are using cookies to give you the best experience on our website. Even better, solar shepherds are fighting climate change and promoting healthy landscapes while they maintain vegetation under and around the solar panels. Were delighted that bp and Lightsource bp have placed their trust in us and our technology to help power their growth in the United States.. Choose a career where you are empowered to change the world! Brazil is a massive market with huge potential. The brand gives us a credibility that it would take 30 years to develop on our own. Working alongside your teams, we can offer our unparalleled framework, experience and resources to guarantee the performance of your assets. 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. April:enters into power purchase agreement with NSG Group, supplying solar by private wire to Pilkington Glass facility in Lathom, UK. Today, its average development can produce more than 70MW - with the largest in development in Australia at more than 500MW. After submitting your request, you will receive an activation email to the requested email address. In 1910, the steel mill, then known as The Colorado Fuel and Iron Company, employed approximately 15,000 people, or about one-tenth of the entire Colorado workforce, according to the Colorado Encyclopedia and later was the . Our sustainability framework shows how were decarbonising the worlds energy landscape through responsibly developed solar projects. 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. Visit one of our regional websites to find out more about our local projects, initiatives and key contacts. About First Solar, Inc. Lightsource BP will continue to publish an annual Gender Pay Gap Report, despite falling below the threshold of businesses required to do so, as evidence of our dedication to fair pay and transparency. Choose a career where you are empowered to change the world! 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. 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. Actual results may differ materially from those expressed in such statements depending on a variety of factors. The full details of our Gender Pay Gap Report 2018 can be found here. By providing your email address below, you are providing consent to First Solar, Inc. to send you the requested Investor Email Alert updates. bp acquired the projects as part of its net zero ambition and target to grow its net developed renewable generating capacity to 20GW by 2025 and 50GW by 2030. Nick Boyle, the Lightsource BP chief executive, said that his business already sees returns targeted by BP. The Directors remuneration report is on pages 116-141. Find out more about us and how were working together to create a sustainable energy future for us all. *Market data delayed by 20 minutes. Solar business Lightsource bp is to partner with Portugal's Dourogas on a number of projects centered around green hydrogen production. The US solar industry is at an important inflection point where it must continue the charge towards delivering 45% of our countrys electricity by 2050 while addressing the risks and uncertainty posed by increasingly volatile solar panel production, pricing, and supply, said Georges Antoun, chief commercial officer, First Solar. Our purpose is to deliver affordable and sustainable solar. 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. BP undoubtedly lends its global scale, built up over more than a century, to the partnership, opening doors and sharing its knowledge of operating in territories covering the US, India, Europe and the Middle East.