Lightsource bp Acquisition, Valuation, Funding & Investors

Lightsource bp was acquired by BP for $1B in November 2023.

Lightsource bp acquisition price

$1B

Acquired by BP · Nov 2023

Lightsource bp EBITDA multiple at acquisition

2.8x

EV/EBITDA · Nov 2023

Cumulative funding Lightsource bp raised

$327M

across 1 funding round

Key investors in Lightsource bp

  • Entergy Arkansas Llc

Lightsource bp Overview

About Lightsource bp

Lightsource bp is a London-headquartered global developer, owner, and long-term operator of large-scale solar energy projects. The company operates over 2.5 gigawatts of solar capacity across 180 sites in the United Kingdom, with additional portfolios in the United States, Spain, Italy, France, and Australia. Formed through BP's 2017 acquisition of Lightsource Renewable Energy, it targets 20 gigawatts in its development pipeline by 2025. Lightsource bp supplies renewable power under long-term contracts to clients like Amazon, Marks & Spencer, and the UK Civil Service through competitive auctions. Its smart energy solutions include battery storage systems deployed at sites such as the 100-megawatt Golborne solar farm in England.


Founded

2010

HQ

United KingdomLondon

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1B (acquired Nov 2023)

Lightsource bp Acquisition

Lightsource bp was acquired by BP for $1B on 30 November 2023.

The acquisition price implies a 2.8x EBITDA multiple.

Before the acquisition Lightsource bp had raised $327M across 1 funding round.

Lightsource bp, founded in 2010 as Lightsource Renewables Energy, is a leading global developer and operator of utility-scale solar and battery storage assets, employing a capital-light model of develop, engineer, construct, and farm-down to strategic partners, achieving mid-teens equity returns. The company manages a 62 GW project pipeline across 19 markets, with notable assets including a 560 MW solar plant under construction in Greece and recent sales of 395 MW US solar arrays to Jera Nex in August 2024. BP, an oil and gas multinational advancing low-carbon energy, first invested in 2017 with a 42% stake for $200 million, increased to 50% by 2019, and in November 2023 agreed to acquire the remaining 50.03% stake from founders, management, and staff. The acquisition, signed for GBP 254-400 million (with approximately GBP 200 million from pre-close asset sale proceeds), closed in 2024 after regulatory approvals, granting BP full ownership while allowing Lightsource bp to operate standalone under its brand. Post-closure, BP consolidated Lightsource bp's finance debt, eliminated its prior guarantee, and plans potential future strategic partners. Strategic rationale centers on scaling onshore renewables to support BP's 20 GW by 2025 and 50 GW by 2030 targets, de-risking transition growth engines like hydrogen, EV charging, biofuels, and power trading via cost-competitive low-carbon power. Executives highlighted synergies: BP's William Lin described it as an engine for renewable development optimizing trader energy flows; former EVP Anja-Isabel Dotzenrath called it a six-year partnership evolution for profitable growth; Lightsource bp CEO Joaquin Oliveira emphasized elevating profitability and applying capabilities to BP's low-carbon business amid competitive renewables market dynamics.

Lightsource bp acquisition details
AcquirerDateTypePriceEV/EBITDA
30 Nov 2023Strategic M&A$1B2.8x

Lightsource bp Funding History

Lightsource bp has raised a total of $327M across 1 funding round.

Lightsource bp funding rounds

Lightsource bp funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2023Undisclosed stageEntergy Arkansas Llc (lead)$327MLightsource bp, a major solar project developer and joint venture between Lightsource and bp, closed a $327 million financing package in April 2023 for the 313 MWdc (250 MWac) Driver Solar project in Mississippi County, Arkansas, under a build-transfer agreement with Entergy Arkansas. The financing, provided by HSBC Bank USA, BNP Paribas, Societe Generale, and Sumitomo Mitsui Banking Corporation with equity from Lightsource bp, supported construction of what will be Arkansas's largest solar farm, capable of powering over 50,000 homes and located adjacent to U.S. Steel’s Big River Steel facility to aid sustainable steel production. Entergy Arkansas will assume ownership and operations upon completion, expected by end of 2024, creating up to 400 construction jobs using local workforce. This transaction aligns with Lightsource bp's broader U.S. activities, having raised over $3.7 billion in financing for projects across ten states in the prior four years. The Driver Solar project uses American-made thin-film modules from First Solar and trackers from Array Technologies, supporting domestic manufacturing. Lightsource bp has executed similar deals, such as a $533 million portfolio financing for the 135 MW Conway Solar project with Conway Corp and a $348 million package for Texas solar projects. In 2024, bp completed its full acquisition of Lightsource bp, previously a 50/50 joint venture, amid ongoing expansion with over 3.2 GW of U.S. solar projects operational or under construction since 2019.

Who has invested in Lightsource bp?

1 investor has backed Lightsource bp across its funding rounds, including Entergy Arkansas Llc.

Lead investors include Entergy Arkansas Llc.


Lightsource bp Investors

Investors in Lightsource bp by funding rounds participated
InvestorHQRoundsRoleFirst check

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Lightsource bp Competitors

Lightsource bp competitors include listed companies like Greencoat Renewables and SP New Energy, and private ones like Sinopec Green Energy, SKIO Matrix, Qiyuan Core Power Technology and Mainspring Energy.

Public and private companies comparable to Lightsource bp
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Sinopec Green EnergyChinaBaodingPrivate--$1B-
SKIO MatrixChinaHangzhouPrivate--$1B-
Qiyuan Core Power TechnologyChinaShanghaiPrivate--$1B-
Mainspring EnergyUnited StatesSan Francisco, CAPrivate--$1B-
Greencoat RenewablesIrelandIrelandPublicly listed($45M)($8M)$978M24.4x
SP New EnergyPhilippinesPhilippinesPublicly listed$25M($46M)$958M-

Lightsource bp Public Comps

Lightsource bp is no longer listed, but its public comps include Rockhopper Exploration, Thungela Resources, Greencoat Renewables, HighPeak Energy, Grupo TSK, XPLR Infrastructure, SP New Energy, Jiangsu Zongyi Co, Arendals Fossekompani and Polenergia.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Rockhopper Exploration-($42M)--(21.3x)(98.3x)
Thungela Resources$1.8B($279M)0.4x0.3x(2.3x)3.3x
Greencoat Renewables($45M)($8M)(51.9x)24.4x(278.9x)24.6x
HighPeak Energy$863M$585M2.4x2.4x3.6x3.6x
Grupo TSK$1.2B$52M0.6x-12.8x-
XPLR Infrastructure$1.2B$607M11.8x10.7x23.0x-
SP New Energy$25M($46M)103.1x-(55.4x)-
Jiangsu Zongyi Co$70M$41M16.0x-27.6x-

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Common questions about Lightsource bp

When was Lightsource bp founded?Lightsource bp was founded in 2010.
Where is Lightsource bp headquartered?Lightsource bp is headquartered in London, United Kingdom.
Is Lightsource bp publicly listed?No, Lightsource bp was acquired by BP in November 2023.
Who acquired Lightsource bp?Lightsource bp was acquired by BP in November 2023.
How much was Lightsource bp acquired for?Lightsource bp was acquired for $1B in November 2023.
How much funding has Lightsource bp raised?Lightsource bp has raised $327M across 1 funding round.
What was Lightsource bp's last funding round?Lightsource bp's last funding round was a $327M undisclosed-stage round in April 2023, led by Entergy Arkansas Llc.
Who are Lightsource bp's investors?Lightsource bp's investors include Entergy Arkansas Llc.
Which companies are comparable to Lightsource bp?Companies comparable to Lightsource bp include Sinopec Green Energy, SKIO Matrix, Qiyuan Core Power Technology, Mainspring Energy, Greencoat Renewables and SP New Energy.

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