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.. 2023 Lightsource. 8.3 MB. Even better, solar shepherds are fighting climate change and promoting healthy landscapes while they maintain vegetation under and around the solar panels. In addition to the multi-year module sales agreement, First Solar also signed a memorandum of understanding (MoU) to explore opportunities to source electricity from generation assets developed, owned and operated by Lightsource bp in Ohio, where First Solar operates the Western Hemispheres largest solar manufacturing footprint. The consolidated financial statements of the group are on pages 145-253 and the corresponding reports of the auditor are on pages 146-172. of 1 each. Our solar projects dont just generate clean electricity, but also benefit the local economy and ecosystem. for the year ended 31 December 2021. Solar Energy UK, the UKs solar trade association, has shone a light on new research that suggests that solar farms can contribute positively to food security. 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. Under the agreement, First Solar has firm orders for 1.55GWDC of modules in 2023, 1.3GWDC in 2024, and 1.55GWDC in 2025. 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. In 2021 we started up two major projects in the US Gulf of Mexico, where we plan to grow our oil and gas production to around 400mboe/d net by the mid-2020s, We are accelerating our electric vehicle (EV) charging ambition across key growth markets, through a focus on on-the-go charging and fleets. * Lightsource BP returns average 8% to 10% -CEO, * Some European projects offer higher returns - CEO, * BPs trading offers further profit opportunities -COO. Lightsource bp Renewable Energy Investments Limited. The parent company financial statements of BP p.l.c. We are using cookies to give you the best experience on our website. Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Visit one of our regional websites to find out more about our local projects, initiatives and key contacts. A year ago, Lightsource was the established solar leader in Europe. 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. Choose a career where you are empowered to change the world! Lightsource and bp celebrate five-year anniversary. The full details of our Gender Pay Gap Report 2018can be found here. Where we refer to the company, we mean BP p.l.c. 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. Every region receives a tailored approach and is managed by a local team. BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. 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. Advancing our sustainable future At Lightsource bp, we've been developing utility-scale solar projects since 2010. Lightsource bp offers comprehensive third-party O&M services, covering all aspects of solar operations and maintenance. Our key reports include information about our financial and operating performance, sustainability performance and also global energy trends and projections. Sustainability is at our core. Ordinary shares are ordinary fully paid shares in BP p.l.c. Our Standards: The Thomson Reuters Trust Principles. What Lightsource bp is doing to raise support for earthquake survivors in Turkey and Syria. You must click the activation link in order to complete your subscription. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Philadelphia, Atlanta and Austin. Lightsource bp announces the appointment of Miguel Fernandez Hortelano as Group Head of Risk and Energy Markets. London-based Lightsource BP now wants to develop 25GW of projects by 2025, upping a . Lightsource bp is a global leader in utility-scale solar development and management. Partnerships are a key part of our approach, enabling better and faster utilization of our network. We work with businesses and communities around the world to deliver low-carbon solar energy projects. Lightsource bp Renewable Energy Investments Limited. Find out more about us and how were working together to create a sustainable energy future for us all. Construction on this project commenced in December 2019. Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. We believe that sustainability and social responsibility are crucial for long-term business success and this is embedded within our business model, holding us accountable to those principles. Modern Slavery And Human Trafficking Statement. 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. 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. Since 2010, weve provided sustainable and affordable energy to businesses and communities throughout the UK. 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. 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. As 2017 drew to a close, BP joined forces with a trailblazing company called Lightsource, Europes largest solar developer. For more information on bp in the US, visit www.bp.com/us. You can find out more about which cookies we are using or switch them off in settings. farmers and ranchers face increasing economic stress. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. 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 bp Renewable Energy Semiconductor Manufacturing . Assist in contract negotiation and. 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 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. 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. There is going to be a huge amount of capital flow into new business models, he predicts. We are using cookies to give you the best experience on our website. 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. This website uses cookies so that we can provide you with the best user experience possible. Our wide range of energy solutions provide cost-effective end-to-end offerings designed to fit your needs. Lightsource bp and AEP Energy Partners Sign Power Contract for 188 Megawatt Solar Farm in Indiana. This is exactly the type of energy we want to develop and deliver as we continue to build out our renewable pipeline and ultimately strengthen confidence in our target of delivering 20GW of developed renewables by 2025.. We know many ways in which to finance projects and understand the market for financing very differently.. If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com. 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. are on pages 282-336. BP are able to deliver more than just solar. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. Will stimulate local economy by bringing an estimated $30 million in new revenue to the . 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. For more information, please visit www.firstsolar.com. For staff members with dependents, Lightsource will cover 50% of the costs of covering dependents. BP p.l.c. Planned deployments for both companies include projects in Arkansas, Kentucky, Ohio, Pennsylvania, and Texas. Lightsource bp, a global leader in the development and management of solar energy projects, today announced the sale of five utility scale solar photovoltaic (PV) Read story 28 Nov, 2022 COP 27: Meet the Lightsource bp delegation The rapid deployment of solar power on a vast scale is essential to limit global warming to 1.5C. Lightsource and bp celebrate five-year anniversary. August:further US expansion is announced with the acquisition of six solar development assets in Pennsylvania and Maryland. 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 is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. And, if youre confident, you can put your head down and deliver, Lightsource BP: one year on and going global. 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. We have always been driven, and our partnership with BP is a great enabler. Lightsource bp pays for the first $800 of the monthly insurance premium. Its recent list of new deals includes plans to leverage its expertise in developing innovative power purchase agreements (PPAs) in Iberia, for example. The Material does not (i) form part of the bp Annual Report and, pdf / To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 a year earlier, according to the companys annual report filed this week. They have a combination of technologies that effectively allows them to deliver for customers in different jurisdictions. ($1 = 0.7660 pounds) (Reporting by Ron Bousso; editing by Emelia Sithole-Matarise). 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. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Led by Emilie Wangerman, Lightsource bp's business development team supported bp in acquiring an additional 9 GW pipeline of projects from 7X Energy, Inc., which will be exclusively developed by Lightsource bp's U.S. team. 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. Sustainability is integrated into our business strategy and operating model at every level. Read story Prev 1 2 And the next big steps are bigger projects and more volume. , opportunities to partner with solar farms are providing new income streams and in many cases, the ability to expand their operations. If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com. This week SolarPower Europe released a follow-up interview with our Director of Environmental & Social Planning, Penny Laurenson. 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. November:Lightsource BP wins Snowy Hydro contract to supply 105MWp of solar power in Australia. and corresponding auditors report do not form part of bps Annual Report on Form 20-F as filed with the SEC. The project will be the largest solar project in the state and will help McDonald's and eBay meet their sustainability goals and advance their commitment to climate action. Lightsource bp and AEP Energy Partners sign power contract for 188 megawatt solar farm in Indiana Investors are looking at BPs transition and thinking that its ambitious but value destroying, one top 10 investor said, speaking on condition of anonymity. 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. 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. Building scale with capital discipline and returns focus. First Solar, Inc. (NASDAQ: FSLR) today announced that global solar leader, Lightsource bp has placed an order for 4 gigawatts (GW)DC of advanced thin film solar modules. 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. See here for a complete list of exchanges and delays. If you experience any issues with this process, please contact us for further assistance. We power businesses and communities across the US with clean and affordable energy solutions. 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. Our team includes over 500 industry specialists, working across 15 countries. 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 . Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. 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. Lightsource bp, Schroders Greencoat and H&M Group announce the completion of two new solar power stations in Leicestershire. Weve made a number of new hires across the Group, and the number of women in higher paying roles has increased, which is something were very proud of. November Were looking at assets in some parts of Europe that definitely offer double digit returns and we are also looking at assets in other parts of the world that are lower than that, he told Reuters in an interview this month. Back Submit . All rights reserved. Post Online Media. (Loading), USD We represent the opposite of that.. 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,. 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. Solar Energy UK, the UKs solar trade association, has shone a light on new research that suggests that solar farms can contribute positively to food security. Read story 28 Feb, 2023 We'd also like to use analytics cookies so we can understand how you use our services and to make improvements. This website uses cookies so that we can provide you with the best user experience possible. The BP partnership has definitely given our whole team confidence, Brooks says. 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. 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. The brand gives us a credibility that it would take 30 years to develop on our own. DocuSign Envelope ID: A3060411-4035-4A47-88F1-5E2F2BB0AEEC. Our purpose is to deliver affordable and sustainable solar. Today, we are recognized as aglobal solar leader, says its chief strategy officer, James Brooks. Lightsource is Europe's largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. 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. Lightsource and bp celebrate five-year anniversary Read story 01 Mar, 2023 Lightsource bp will promote the development of 19 solar projects, involving an investment of 1.2 billion Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Report this post Report Report. February:a deal to build, own and operate the largest solar facility in Kansas, US, for the Mid Kansas Electric Company is signed. 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. 2023 Lightsource. Please refer to the Cautionary statement on page 364 of the full bp Annual Report and Form 20-F 2021 for further information on forward-looking statements. Lightsource bp has built or financially closed on more than 900 MW of solar this year and plans on 1,000 MW in 2021. This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. Group Results Fourth Quarter and Full Year 2019 Highlights. All rights reserved. Our growth has been in maturing the organization and getting into a strong operating position for next year. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. It makes good business sense, too. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. This website uses cookies so that we can provide you with the best user experience possible. "Reliability is super-important, too this is a young industry, so its like a gold rush, with new players coming into the market who want to flip things quickly. 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. 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. ANNUAL REPORT AND FINANCIAL STATEMENTS 2019. Our responsibly developed utility-scale projects around the world provide affordable and sustainable energy to businesses and local communities. 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.
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