Lightsource bp, a global leader in the development and management of solar projects, has secured a new $1.8 billion revolving credit and trade finance facility that will help fuel its new global growth strategy of developing 25 gigawatts (GW) of solar by 2025.
Lightsource bp states that the funding, provided by 10 top tier global financial institutions [1], 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 projects [2] by 2025 fuelled by its expanding development pipeline.
The Lightsource bp 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-plus pipeline Lightsource bp is also developing a 9 GW portfolio exclusively for bp.
Nick Boyle, Group Chief Executive for Lightsource bp, said globally, renewable energy is shifting from a mindset of gigawatts to terawatts.
“Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis,” Mr Boyle said.
“If we’re going to meet the commitments of the Paris Agreement – business as usual isn’t going to cut it. Our industry-leading 25 GW by 2025 target and the finance package are further proof that Lightsource bp has left business as usual far behind.”
“Although we need to move quickly, we are committed to scaling up safely, sustainably and responsibly – putting people and the planet at the centre of everything we do.”
“We know our plans for growth and job creation are very ambitious, but this is the pace of change we need to move at.”
Since 2017, Lightsource bp has grown its global footprint from five to 15 countries and doubled its workforce from 300 to 600 people, with around 200 jobs being created and filled during the pandemic.
[1] BNP, SocGen, Santander, Natwest, Lloyds, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Canadian Imperial Bank of Commerce, Toronto Dominion and Wells Fargo
[2] The 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.
