Lightsource bp announces ambitious solar energy target
Published by Bella Weetch,
Editorial Assistant
Energy Global,
Lightsource bp has announced it has secured a new US$1.8 billion revolving credit facility and trade finance facility that will help fuel its new global growth strategy of developing 25 GW of solar by 2025.
The funding, provided by 10 top tier global financial institutions1, underpins the company’s growth ambitions and execution strategy as it continues to accelerate the deployment of solar across the EMEA, Americas and Asia Pacific regions.
Since its formation in 2010, Lightsource has developed 3.8 GW of solar projects globally. It is now aiming to drive this total to 25 GW of developed projects2 by 2025, fed by its expanding development pipeline.
The pipeline continues to grow rapidly through greenfield, co-development and acquisition opportunities. This growth is expected to create over 500 new jobs within the company over the next four years.
In addition to this 20 GW+ pipeline, Lightsource bp is also developing a 9 GW portfolio exclusively for bp.
The company’s new 25 GW target and strong projected job creation, bolstered by its robust and growing project pipeline, represent the next stage of growth since Lightsource and bp joined forces – fast-tracking the venture’s global expansion – in December 2017.
1BNP, SocGen, Santander, Natwest, Lloyds, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Canadian Imperial Bank of Commerce, Toronto Dominion and Wells Fargo.
2The definition of a ‘developed project’ is one that has either achieved financial close, or, have reached ‘Final Notice to Proceed’ status, with all necessary permitting secured leaving construction ready to begin.
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Energy Global's Summer 2021 issue
The Summer issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including CEWEP, Enel Green Power, Turboden S.p.A., Cornwall Insight, and more.
Read the article online at: https://www.energyglobal.com/solar/20092021/lightsource-bp-announces-ambitious-solar-energy-target/
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