Petrobras to Acquire a 49.9% Stake in Lightsource BP's Brazil Subsidiary

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

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Summary

Petrobras and Lightsource BP agreed to create a joint venture to develop onshore renewable projects in Brazil.

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Petrobras' Lightsource BP Brazil Acquisition

Petrobras (Rio de Janeiro, Brazil) has agreed to acquire a 49.9% stake in Lightsource BP's Brazil subsidiary to create an onshore renewable joint venture. The partnership is still pending regulatory approval, but it would open the door for Petrobras to acquire a renewable operational power plant and a pipeline of advanced projects between 1 gigawatt (GW) and 1.5 GW, according to the companies.

Currently, the only operational plant owned by Lightsource is the 212-megawatt (MW) Milagres solar power plant in the state of Ceará. The asset has been operational since 2023.

In addition to an expansion at Milagres, IIR is tracking six solar projects owned by Lightsource's subsidiary in Brazil:

• Bom Lugar (216.7 MW)
• Floresta (557 MW)
• Rio Branco (405 MW)
• Caraubas (151 MW)
• Jaguar (354 MW)
• Andorinhas (540 MW)

Subscribers to Industrial Info's Global Market intelligence (GMI) Power Project Database can see the related project reports.

Including these projects and construction of transmission lines, Industrial Info is tracking US$3.21 billion worth of investment from Lightsource BP in Brazil.

"With our strong local expertise, built over nearly seven years of activity in Brazil across all phases of project development, construction and operation, we will continue to generate value for the company, our customers and stakeholders. We are excited about this partnership with Petrobras," said Joaquin Oliveira, chief executive officer of Lightsource BP, in a statement.

For Petrobras, this partnership represents a significant step in the energy transition, enabling the company to expand its renewable portfolio further. IIR is tracking 22 renewable energy projects owned by Petrobras worth US$37.88 billion, including solar power plant additions at the Paulinha, Gabriel Passos and Abreu e Lima refineries.

Petrobras Taking the Leap

Petrobras, like other hydrocarbon companies worldwide, is expanding into renewable energy markets. Others in the region, such as Colombia's Ecopetrol (Bogota), have also expanded to the electricity and renewables markets.

For years, Petrobras has announced its efforts to decarbonize its operations, which range from developing sustainable fuels, such as renewable diesel and sustainable aviation fuel, to supplying its operations with renewable energy. The latest partnership with Lightsource BP is another step towards that.

Brazilian Renewable Energy Capacity

Brazil's electricity matrix is dominated by hydropower capacity, accounting for 43.7% of the 248 GW of installed capacity in the national electric system (SIN), according to the National Operator of the Electric System.

However, solar and wind power capacity have grown significantly over the last few years, with further expansions expected in the near term.

Wind power in 2025 accounts for 34.3 GW, or 13.9% of the national installed capacity, with an expected growth to 36.2 GW by 2029. Solar, for its part, currently has a capacity of 18.9 GW, or 7.6%, with plans to expand to 24.1 GW by 2029.

Finally, micro and mini grid systems, which are dominated by solar and wind, currently have a capacity of 45.6 GW, or 18.4% of the total capacity, and are expected to grow to 64.6 GW by 2029, accounting for almost a quarter of national capacity.

IIR is tracking 1,649 solar, wind and hydropower projects in Brazil, worth US$616.5 billion.

Key Takeaways

• Lightsource BP and Petrobras agree to partner to develop renewables.
• The deal includes one operational power plant and several projects.
• Solar and wind power continue to expand in Brazil's electricity matrix.

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About Industrial Info Resources
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).