BP has agreed to take full ownership of Lightsource BP by acquiring the remaining 50.03% stake from the latter’s founders, management, and staff at a base equity value of £254m.

Lightsource bp is a 50-50 joint venture (JV) between Lightsource and BP. It engages in the development, management, and operations of utility-scale solar and battery storage assets.

In 2017, BP announced the acquisition of a 43% stake in Lightsource by investing $200m in the latter over a period of three years.

The British oil and gas company increased its stake in Lightsource in 2019 to form the 50-50 JV structure.

By gaining full ownership, BP aims to further scale up Lightsource BP apart from generating additional value by applying its complementary capabilities and strengths fully to the business.

Besides, BP expects to leverage Lightsource bp’s capabilities as a developer of cost-competitive utility-scale onshore renewable power to address its own demand for low carbon power.

The integration is also expected to support and de-risk delivery of BP’s targets for its transition growth engines in hydrogen, electric vehicle (EV) charging, biofuels, and in power trading.

BP gas and low-carbon energy executive vice president Anja-Isabel Dotzenrath said: “This is a natural evolution of the partnership we have built over the past six years – now we will be able to take Lightsource bp to the next level of profitable growth and performance.

“We will continue to scale this successful business, and also apply its capabilities and expertise to help meet bp’s growing demand for low carbon power from our transition growth engines.”

Currently, Lightsource bp operates in 19 countries and has built a development pipeline of 61GW.

The deal, which is subject to regulatory approvals, is anticipated to be completed in mid-2024.

Earlier this year, Lightsource bp signed a power purchase agreement (PPA) with AEP Energy Partners (AEPEP) for the 188MWdc Honeysuckle solar project in New Carlisle, Indiana.