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BP ups stake in Lightsource BP to 50%

BP ups stake in Lightsource BP to 50%

Mubasher: BP has approved to purchase additional equity in in international solar developer Lightsource, raising its stake to 50% from 43%.

The new investment will “help accelerate Lightsource BP’s growth, supporting its ambitious drive towards 10GW of developed assets by the end of 2023,” according to a statement on Thursday.

Following the transaction, BP will be an equal partner in Lightsource BP.

Financial details of the deal were not disclosed.

Nick Boyle, CEO of Lightsource BP, commented that BP aims to “accelerate the growth of solar power worldwide and help drive the solar revolution.”

 “BP is committed to helping meet the world’s rapidly growing demand for low carbon energy,” CEO of Alternative Energy, Dev Sanyal, said, noting that solar energy is expected to increase by factor of 10 by 2040.

In December 2017, BP acquired a 43% stake in Lightsource for a total consideration of $200 million.