BP agrees to purchase additional equity in Lightsource
BAKU, Azerbaijan, Dec.5
By Leman Zeynalova – Trend:
The management of Lightsource BP and BP have agreed to equalise their shareholdings in Lightsource BP to create a simplified 50:50 joint venture structure, Trend reports citing BP.
As part of the transaction, BP will purchase newly-issued equity in the business to help accelerate Lightsource BP’s growth, supporting its ambitious drive towards 10GW of developed assets by the end of 2023.
In December 2017, BP acquired 43 percent of Lightsource which was subsequently rebranded to Lightsource BP. Today, BP has agreed to purchase additional equity in Lightsource BP to become an equal partner in the business with the balance of shares continuing to be held by management and staff.
Since new shares will be issued in this transaction, the funds paid by BP to increase its stake will be immediately available to Lightsource BP for investment. Financial details of the transaction are not being released.
Strategic decisions will continue to be taken jointly by the two shareholder groups, with each group now having an equal number of nominees on the Lightsource BP Board.
In the two years since BP’s first investment, Lightsource BP’s activities have expanded from five to 13 countries. It has signed major projects across Europe, the Americas and Australia and has built a development pipeline in excess of 12GW.
Follow the author on Twitter: @Lyaman_Zeyn