Lightsource BP raises $1.8 billion for a 25-gigawatt solar expansion

After receiving financing and trade facilities from 10 banks, the global PV powerhouse sets new goals for 2025

Lightsource BP, a global solar company, has acquired a new $1800 million credit and trade financing facility, which it claims will assist it achieve its new growth goal of building 25 GW by 2025.

The financing, which comes from 10 global financial institutions, supports the company’s execution plan to speed up solar installations in the EMEA, Americas, and Asia Pacific regions.

Since its founding in 2010, Lightsource has built 3.8 GW of solar projects throughout the world. By 2025, it wants to bring the overall number of developed projects to 25GW.

Greenfield, co-development, and acquisition prospects are all part of the business’s pipeline, according to the company. Approximately the following four years, this expansion is anticipated to generate over 500 additional employment.

Lightsource BP is also building a 9GW portfolio especially for BP, in addition to the 20GW+ pipeline.

“Globally, renewable energy is changing from a paradigm of gigawatts to terawatts,” said Lightsource CEO Nick Boyle. Rather of making million-dollar investments, billion-dollar investments are being made. Moreover, major corporations such as Amazon, McDonald’s, and eBay are converting to renewable energy. This trend shows that renewables are becoming more popular, and solar is an important part of the solution to the climate issue.

“Business as usual isn’t going to cut it if we’re going to achieve the Paris Agreement’s promises.” Our industry-leading 25GW by 2025 objective, as well as the financing package, demonstrate that Lightsource BP has abandoned business as usual.

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“While we must move rapidly, we are dedicated to scaling up in a safe, sustainable, and responsible manner, with people and the environment at the center of all we do.” We recognize that our ambitions for development and job creation are lofty, but this is the rate at which we must progress.

“Lightsource BP’s new 25GW objective, as well as significant anticipated job creation, backed by a solid and expanding project pipeline, reflect the next stage of growth since Lightsource and BP partnered in December 2017, fast-tracking the venture’s worldwide expansion.”

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