Petrobras recently confirmed in a statement to investors that it has approved the purchase of a 49.99% stake in subsidiaries of Lightsource bp, the solar and battery business of British oil company BP.
According to the press release, the agreement involves a “strategic partnership in the renewable energy segment”. on the ground (on land)”, which will be structured by the creation of a joint venture, a company whose management will be shared between Petrobras and Lightsource bp.
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Lightsource develops, finances and operates solar projects in more than a dozen countries, with a growing focus on industrial-scale battery energy storage. The British company will join the joint venture with its projects in development in the country, which total between 1 and 1.5 GW, more mature projects and its Milagres photovoltaic solar plant, in Abaiara, Ceará, in operation since 2023 with an installed capacity of 212 MWp.
The operation, the amount of which was not disclosed, had been anticipated earlier by the Bloomberg agency, which reported Petrobras’ plan to conclude its first transaction in this area.
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The state-owned company intends to enter renewable energy segments such as ethanol, biodiesel, biomethane and solar energy as a minority partner in joint ventures, according to its five-year investment plan released in November.
Petrobras President Magda Chambriard said earlier this month that the company would have an energy transition project approved by the end of 2025, without providing details.
The Petrobras board of directors approved the plan to acquire 49.9% of Lightsource bp Brasil during a meeting held today. In the statement, the company stressed that confirmation of the deal is dependent on “relevant approvals,” including those from regulatory bodies.
Petrobras’ decision responds to BP’s interest in seeking partners for Lightsource bp. The London-based oil company has refocused on oil and natural gas after years of unsuccessful bets on low carbon emissions.
A British company took over the business in 2023
BP first invested in Lightsource in 2017, paying $200 million for a 43% stake, and eventually agreed to take full control in 2023.
Although the unit has played a key role in BP’s diversification into renewable energy, its contribution to overall profits is still relatively small compared to its oil and gas operations.
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