Linklaters has advised bp on the acquisition of the 50.03% interest it does not already own in Lightsource bp, a developer and operator of utility-scale solar and battery storage assets.
bp intends to use Lightsource bp’s world-class capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power. This integration is expected to underpin and de-risk delivery of bp’s targets for its transition growth engines – in hydrogen, EV charging and biofuels as well as in power trading.
The parties have agreed a base equity value of £254 million for the 50.03% interest. The selling shareholders will also have the opportunity to receive further payment over time, dependent on company performance and the market value of pre-agreed assets divested from the portfolio.
Subject to regulatory approvals, the transaction is currently anticipated to close in mid-2024.
The deal team was led by Corporate M&A partner Derek Tong and Energy & Infrastructure partner Mark Russell, alongside Corporate managing associate Tom Ford.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
The advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
