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Released December 01, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Oil and gas major BP (NYSE:BP) (London, England) is taking further steps in its commitment to diversify away from fossil fuels and toward alternative forms of energy. This week, BP announced that it would acquire the remaining stake in its joint venture company Lightsource BP, which is placing solar power projects throughout the world. Industrial Info is tracking billions of dollars' worth of Lightsource BP projects, including several in the U.S.
BP will purchase the outstanding 50.3% stake for £254 million (US$322 million). This remaining stake is majority-held by Lightsource BP founder and Chief Executive Officer (CEO) Nick Boyle. In early 2024, Joaquin Olivera, BP's senior vice president of finances for gas and low-carbon energy, will join Boyle as co-CEO of Lightsource BP.
Anja-Isabel Dotzenrath, BP executive vice president for gas and low-carbon energy, said of the deal: "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."
While Lightsource BP has billions of dollars' worth of projects in the U.S. and Europe, more than US$4.4 billion worth can be found in Australia, ranging in size from a couple of smaller 30-megawatt (MW) solar farms to a sizeable one in the planning stage that will generate 820 MW.
Among the company's projects presently under construction in the country is the Wellington North facility in New South Wales. The solar farm will be built on 650 hectares of a 970-hectare site and will provide 440 MW of nameplate generation. Construction kicked off about a year ago and is expected to last until late 2024, with Gransolar Group (Madrid, Spain) providing the engineering, procurement and construction (EPC) work on the project. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for more information on the project.
Also under construction in Australia, near Shepparton, Victoria, is the smaller Wunghnu 2 solar farm. Gransolar also is performing EPC services on this project and is responsible for the installation of approximately 400,000 solar panels at the site. Construction kicked off this summer and is expected to be completed in the first half of next year. The facility will have power output of 90 MW. Subscribers can click here for the project report.
Industrial Info is tracking more than US$3 billion worth of Lightsource BP projects in Europe and the U.S. In Europe, most of the company's active projects can be found in its U.K. home, with another considerable portion in Ireland. The company's projects in Europe tend to be smaller in size, mainly coming in at 100 MW or less. Examples of pending projects include the Lawn Farm solar farm near Blackpool, England, which is in the late engineering stage. The site will use more than 57,000 solar panels to generate 20 MW. Construction is set to begin and end next year. Subscribers can click here for more details on the project.
In the U.S., the Great Lakes market leads the country in both the number and value of active Lightsource BP projects, with Indiana taking the lion's share of investment in the region. Under construction in New Carlilse, Indiana, near the Michigan border, is the company's Honeysuckle solar plant, which will use modules manufactured by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona) to generate 150 MW. EPC firm Inovateus Solar LLC (South Bend, Indiana) is expected to complete the project early next year. Subscribers can click here for the full report.
U.S. projects in the planning stage include the Prairie Ronde solar farm, which is set to be built on a 900-acre site near Opelousas, Louisiana. Construction on the 145-MW facility is planned to kick off toward the end of next year and is expected to take about a year to complete. Subscribers can learn more by viewing the project report.
Subscribers to Industrial Info's GMI Power Database can click here to view reports for all of the projects discussed in this article and click here to view the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
BP will purchase the outstanding 50.3% stake for £254 million (US$322 million). This remaining stake is majority-held by Lightsource BP founder and Chief Executive Officer (CEO) Nick Boyle. In early 2024, Joaquin Olivera, BP's senior vice president of finances for gas and low-carbon energy, will join Boyle as co-CEO of Lightsource BP.
Anja-Isabel Dotzenrath, BP executive vice president for gas and low-carbon energy, said of the deal: "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."
While Lightsource BP has billions of dollars' worth of projects in the U.S. and Europe, more than US$4.4 billion worth can be found in Australia, ranging in size from a couple of smaller 30-megawatt (MW) solar farms to a sizeable one in the planning stage that will generate 820 MW.
Among the company's projects presently under construction in the country is the Wellington North facility in New South Wales. The solar farm will be built on 650 hectares of a 970-hectare site and will provide 440 MW of nameplate generation. Construction kicked off about a year ago and is expected to last until late 2024, with Gransolar Group (Madrid, Spain) providing the engineering, procurement and construction (EPC) work on the project. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for more information on the project.
Also under construction in Australia, near Shepparton, Victoria, is the smaller Wunghnu 2 solar farm. Gransolar also is performing EPC services on this project and is responsible for the installation of approximately 400,000 solar panels at the site. Construction kicked off this summer and is expected to be completed in the first half of next year. The facility will have power output of 90 MW. Subscribers can click here for the project report.
Industrial Info is tracking more than US$3 billion worth of Lightsource BP projects in Europe and the U.S. In Europe, most of the company's active projects can be found in its U.K. home, with another considerable portion in Ireland. The company's projects in Europe tend to be smaller in size, mainly coming in at 100 MW or less. Examples of pending projects include the Lawn Farm solar farm near Blackpool, England, which is in the late engineering stage. The site will use more than 57,000 solar panels to generate 20 MW. Construction is set to begin and end next year. Subscribers can click here for more details on the project.
In the U.S., the Great Lakes market leads the country in both the number and value of active Lightsource BP projects, with Indiana taking the lion's share of investment in the region. Under construction in New Carlilse, Indiana, near the Michigan border, is the company's Honeysuckle solar plant, which will use modules manufactured by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona) to generate 150 MW. EPC firm Inovateus Solar LLC (South Bend, Indiana) is expected to complete the project early next year. Subscribers can click here for the full report.
U.S. projects in the planning stage include the Prairie Ronde solar farm, which is set to be built on a 900-acre site near Opelousas, Louisiana. Construction on the 145-MW facility is planned to kick off toward the end of next year and is expected to take about a year to complete. Subscribers can learn more by viewing the project report.
Subscribers to Industrial Info's GMI Power Database can click here to view reports for all of the projects discussed in this article and click here to view the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
