- Lightsource bp plans 25GW portfolio of solar by 2025.
- This is more ambitious than the company’s previous target of 1oGW by 2023.
- The company has obtained about $1.8bn in finance for the target.
UK-based solar energy developer Lightsource bp says that it plans to develop about 25GW of solar projects by 2025. The company says that it has secured financing for this new target. Lightsource bp which is 50 per cent owned by oil and gas group BP Plc says it has obtained a $1.8 billion (€1.5bn) revolving credit facility and trade finance facility from a group of 10 financial institutions.
Lightsource bp has developed about 3.8GW of solar projects globally since 2010. Since partnering with bp in 2017, Lightsource has expanded from 5 to 15 countries and doubled its workforce. Lightsource bp had set a target of deploying 10GW of developed assets by 2023. The company says that the new goals are in line with the company’s changing energy landscape.
Lightsource bp group CEO Nick Boyle noted that the increasing scale of renewable energy had necessitated increased clean energy investments globally. “Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis,” Boyle added.