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.
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