BP's Full Acquisition of Lightsource BP
In October 2024, BP completed its acquisition of the remaining 50.03% stake in solar developer Lightsource BP (LSbp), moving from joint venture to full ownership. The deal, valued at £400 million (approx. $518 million) plus £2.1 billion in debt, marks a major milestone in BP's strategic expansion into renewable energy. The acquisition included LSbp's global portfolio—more than 60 GW of solar and battery storage projects in development.
Deal Overview
Transaction Details
- Acquisition Value: £400 million (approx. $518 million) plus £2.1 billion in debt
- Stake Acquired: 50.03% (full ownership)
- Portfolio Size: 60+ GW of solar and battery storage projects in development
- Global Reach: Projects spanning multiple countries and regions
Strategic Significance
- BP's transition from joint venture to full ownership
- Major step in BP's renewable energy expansion
- Strengthening of BP's position in the solar energy sector
My Role: Global Project Management & Technical Oversight
As a core member of the project management team, I played a key role in delivering the technical due diligence for BP's acquisition of LSbp's global platform.
Key Contributions
International Team Coordination
- Led collaboration across DNV offices in over 12 countries
- Managed time zone challenges and language barriers
- Ensured clarity in scope delivery for teams new to the project
Scope Development
- Created and communicated tailored scopes of work for local experts
- Enabled high-quality input with minimal follow-up or clarification
- Streamlined the due diligence process across multiple jurisdictions
Sampling & Extrapolation
- Designed sampling strategy for evaluating LSbp's development pipeline
- Enabled extrapolation of findings across the full 60+ GW portfolio
- Delivered strategic insights for BP's decision-making process
Developer & Platform Assessment
- Evaluated LSbp's development processes and operational fleet
- Assessed platform capabilities and scalability
- Supported BP's long-term confidence in the acquisition
Site Visit Oversight
- Coordinated on-site inspections across eight countries
- Ensured technical findings were grounded in firsthand observations
- Maintained quality standards across all site visits
Key Outcomes
Project Success Metrics
- High-Impact Delivery: Delivered deep technical insight into a vast and complex portfolio under aggressive timelines
- Client Satisfaction: BP returned for additional post-transaction support
- Global Execution: Demonstrated ability to lead across cultures, time zones, and technical disciplines
Project Impact
- Enabled BP to make an informed acquisition decision
- Established trust and credibility with BP for future engagements
- Demonstrated capability in managing complex, multinational transactions
Lessons Learned
- Global Coordination: Success in multinational projects requires clear communication and cultural sensitivity
- Efficient Processes: Well-designed sampling strategies can effectively evaluate large portfolios
- Quality Assurance: On-site verification is crucial for technical due diligence
- Client Relationships: Delivering value under pressure builds long-term partnerships
Looking Forward
This acquisition represents a significant shift in the energy sector, demonstrating:
- The growing importance of renewable energy in major oil companies' portfolios
- The value of thorough technical due diligence in large-scale acquisitions
- The need for global expertise in renewable energy project evaluation