BP PLC (LSE:BP.)’s solar joint venture Lightsource bp said it secured US$1.8bn of funding that will fuel its target of developing 25 gigawatts (GW) of solar power capacity by 2025.
The company said the revolving credit and trade finance facility, which is provided by 10 top tier global financial institutions, underpins its growth ambitions as it accelerates solar power development in EMEA, the Americas and the Asia Pacific regions.
Lightsource, which is 50% owned by BP, has developed 3.8GW of solar projects globally since it was set up in 2010.
The company said the rapid growth of its pipeline through greenfield, co-development and acquisitions is expected to create over 500 new jobs over the next four years.
Lightsource bp is also exclusively developing a 9GW solar pipeline for BP following its acquisition from 7X Energy.
Dev Sanyal, BP’s executive vice president of gas and low carbon, added: “In the four years since we formed Lightsource bp, it has tripled its footprint and doubled its workforce. The speed and breadth of that expansion is testament to the power of this partnership and what an integrated energy company with global reach brings to the table.”
Lightsource bp said it has grown its global footprint from five to 15 countries since 2017 and doubled its workforce from 300 to 600 people, with around 200 jobs being created and filled during the pandemic.