First Solar is expanding its US manufacturing capacity, with a third factory expected to come online in Ohio in the first half of 2023 and a fourth factory which is under construction in Alabama and expected to be commissioned by 2025. January Dev Sanyal, bps executive vice president of gas and low carbon, added: In the four years since we formed Lightsource bp, it has tripled its footprint and doubled its workforce. Lightsource bp has been a leader in fostering circularity in the solar industry and as such has committed to recycling solar panels across all their projects. As part of this pledge, Lightsource bp has also committed to using First Solars advanced high-value recycling program to manage modules at the end of their operating lives. We enable their growth with certainty through long-term pricing and supply commitments, and advanced technology, while they enable ours by providing the certainty of demand we need to invest in manufacturing.. For media inquiries, or to set up an interview with Kevin Smith or the landowners, please contact Mary Grikas at mary.grikas@lightsourcebp.com. 163MW Elm Branch and 153MW Briar Creek solar projects expected to offset greenhouse, Projects will create 500 or more local jobs during construction. Other oil majors including Royal Dutch Shell. We have developed and financed more than 8.8GW of projects around the world to date, with a goal of 25GW by 2025backed by a $1.8 billion credit facility. Delivered by Investis. Our approach to long-term ownership and management of the assets we develop sets us apart from other developers in the industry. Dec 6, 2019 08:59AM EST. Since 2017, Lightsource bp has grown its global footprint from five to 15 countries and doubled its workforce from 300 to 600 people, with around 200 jobs being created and filled during the pandemic. Leveragingour strategic 50:50 JV partnership with bp, we are helping drive theworldslow-carbon energy transition with competitively priced, dependable, clean energy for businesses and communities. Collectively, their knowledge and experience form the foundations on which our business is built. The company was founded in 2010 and is headquartered in London, United Kingdom. Buckle up for some big news! Wecarefully consider the circumstances and characteristics of each of our assets and structure a comprehensive financing approach. 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 profits and deepen its foothold in renewable energy. These forward-looking statements include, but are not limited to, statements concerning an order for 4 GWDC of solar modules by Lightsource bp; First Solars plan to invest approximately $1.1 billion in building a fourth factory in Alabama and $185 million on expanding the capacity of its existing manufacturing footprint in Ohio; First Solars expectation that such investment will bring the companys total investment in American manufacturing to over $4 billion, and its expectation that its annual US nameplate manufacturing capacity will expand to 10.6 GW by 2026. We harness and grow talent from all sectors to help accelerate the need for a low-carbon future. "We have a strong trading presence in North America and Europe where we are actively pursuing renewable PPA opportunities. Check out all of our energy storage resources. 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. BP has not invested in clean-energy businesses on the same scale or with the same breadth in recent years as some of its contemporaries, specifically Total and Shell. Lightsource bp, a solar project developer, acquired three projects from Horizon Firm, a developer specialized in solar, . The debt for the facilities was provided by the following mandated lead arrangers: The balance of the equity requirements will be invested by Lightsource bp. Lightsource bp is an integrated independent power producer that is shaping the future of global energy and sustainability by financing, developing, and maintaining the highest-quality solar PV and storage projects. bp press office, London: +44 (0) 207-496-4076, +44(0)7831095541, +44(0)7919 217511,bppress@bp.com, 20 Americas energy landscape is transforming. 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. Our management services are a critical pillar to the success of our develop-own-operate model and provides a feedback loop for continual improvement and competitive advantage. Global installed solar generating capacity more than tripled in the past four years and grew by over 30 percent in 2016 alone, according to BPs Statistical Review of World Energy. We call this approach responsible solar. ()*, GBp This year has seen Lightsource BP acquiring the development rights to its first projects in Spain, where it now holds a 300-megawatt pipeline, as well as making headway across the Atlantic. Developed at R&D labs in California and Ohio, the companys advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. You should not place undue reliance on these forward-looking statements. Responsible solar provides a holistic framework for us to positively impact energy, people and planet. Lightsource bp is a global leader in the development and management of solar energy projects. Since 2010, and following our 50:50 joint venture with bp, we have been deploying affordable, reliable, large . The Company engages in development and management of solar energy projects. Societe Generale, one of the leading European financial services groups, employing over 138,000 members of staff in 62 countries and supporting on a daily basis 29 million individual clients, businesses and institutional investors around the world. Our Standards: The Thomson Reuters Trust Principles. You can find out more about which cookies we are using or switch them off in settings. The oil major paid roughly $200 million for a. Power contracts secured with energy partners played a key role in supporting investment and financing of this new clean energy infrastructure in Texas: Construction has started with commercial operation of both projects expected by late 2021. The companys annual US nameplate manufacturing capacity is forecast to expand to 10.6 GWDC by 2026. North America is core to Lightsource bp's ambitions to expand its footprint. Dev Sanyal, who heads BPs Alternative Energy business said Lightsource differed from its previous investment because it was a solar power generator rather than maker of hardware. About us. Our industry-leading 25GW by 2025 target and the finance package are further proof that Lightsource bp has left business as usual far behind. Lightsource Global connects U.S. workers with companies located down the street and around the world. Dev Sanyal, the head of BPs low carbon business, described Lightsource BPs $1.8bn solar boom as a big acceleration for a company which has been leading the energy transition. 201 impasse peyrouas 83340 FLASSANS SUR ISSOLE. The new investment will help support BPs existing alternative energy business, which includes wind energy, biofuels and biopower. I Fully Converted a Home to Electricity. Other oil majors including Royal Dutch Shell RDSa.L and France's Total TOTF.PA have invested in renewable energy as they prepare for a shift away from fossil fuels in the fight against climate change. We use cookies to collect and analyse information on our site's performance and to enable the site to function. British oil and gas supermajor BP has increased its ownership in solar developer Lightsource BP, while announcing a new corporate renewable power purchase agreement with Amazon Web Services (AWS) in Europe. In addition to this 20GW-plus pipeline Lightsource bp is also developing a 9GW portfolio exclusively for bp. 2023 Greentech Media or its affiliated companies. McCarthy Building Companies was selected by Lightsource bp as their Engineering, Procurement, and Construction (EPC) Contractor for the project. BP has set one of the most ambitious renewable energy goals for a major oil company as governments prepare to ramp up climate action. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Austin, Philadelphia and Atlanta and staff in more than 25 states. Szybko & bezpatnie. ()*, GBp Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. Lightsource were advised by Rothschild, White and Case, Deloitte and Baker & McKenzie, Additional reporting by Arathy S Nair in Bengaluru; Editing by Jason Neely and Edmund Blair. It is now aiming to drive this total to 25GW of developed projects2 by 2025 fed by its expanding development pipeline. The Lightsource bp pipeline continues to grow rapidly through greenfield, co-development and acquisition opportunities. (Loading)*. Since 2010, and following our 50:50 joint venture with bp, we have been deploying affordable, reliable, large-scale solar to help businesses and communities decarbonise. But its activities have picked up in recent months. We continue to grow teams, partnerships and projects throughout the world. This includes a mixed portfolio of Lightsource bp-owned projects and third-party assets. a proxy generation power purchase agreement (pgPPA) with the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS) with respect to the electricity generated by Briar Creek. (Reuters) - 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 profits and deepen its foothold in renewable energy. With offices across the United States, were working with local communities, businesses and landowners to develop projects that generate the competitively priced, dependable and clean energy that America wants and needs. The developer has expanded into eight new markets since BP's first investment. Separately, BP has acquired newly issued shares in UK-based Lightsource BP, lifting its stake to 50 percent. The speed and breadth of that expansion is testament to the power of this partnership.. Lightsource bp began as a small UK start-up in 2010, and now we have become a global leader, recognised as one of the largest solar developers in the world. This is another sizeable commitment by Lightsource bp and a reflection of their trust in First Solar and our technology, said Georges Antoun, chief commercial officer, First Solar. You can find out more about which cookies we are using or switch them off in settings. Although globally state subsidies for renewable projects are falling as technology costs come down, new projects are increasingly turning to long-term power purchase agreements (PPAs) with corporations to secure revenues. MediaReuven ProenaFirst Solar Mediamedia@firstsolar.comMary GrikasLightsource bp Mediamary.grikas@lightsourcebp.com, InvestorsRobyn RemesFirst Solar Investor Relationsinvestor@firstsolar.com. (), USD The European PPA market is still expanding, with McGuigan hopeful Italy could also offer new opportunities. It joined forces with bp in 2017 and rebranded to Lightsource bp the following year. 2023 Lightsource. The speed and breadth of that expansion is testament to the power of this partnership and what an integrated energy company with global reach brings to the table. Lightsource bp has a deep commitment to mitigating climate change by delivering safe, clean and affordable energy as well as maximizing the environmental sustainability and positive social impacts of each of our projects. *Market data delayed by 20 minutes. Find out more about how we place inclusivity and creativity at the heart of what we do. Our success in project financing isa demonstration of the low risk, stable yield opportunities that renewable energy projects offer to investors, the quality and bankability of our developed assets, and the confidence that top tier investors have in Lightsource bp. 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