Procurement agreement with US-based manufacturer. This is where we come in. Lightsource bp and bp will benefit from the evolution of First Solars advanced Cadmium Telluride (CadTel) thin film module technology platform over the span of the agreement. As Americas familyfarmers and ranchers face increasing economic stress, opportunities to partner with solar farms are providing new income streams and in many cases, the ability to expand their operations. The material on the bp Annual Report webpage (the Material) relates to the year ended 31 December 2021 and is provided for general information only. First Solar, Inc. (NASDAQ: FSLR) today announced that global solar leader, Lightsource bp has placed an order for 4 gigawatts (GW)DC of advanced thin film solar modules. Lightsource bp is a global leader in utility-scale solar development and management. 8.3 MB. Find a career where youre valued, recognised as an individual, and working alongside people with a passion for a sustainable future. Please refer to the Cautionary statement on page 364 of the full bp Annual Report and Form 20-F 2021 for further information on forward-looking statements. You can find out more about which cookies we are using or switch them off in settings. * Lightsource BP returns average 8% to 10% -CEO, * Some European projects offer higher returns - CEO, * BPs trading offers further profit opportunities -COO. 2023 Lightsource. All rights reserved. For staff members with dependents, Lightsource will cover 50% of the costs of covering dependents. London-based Lightsource BP, which is half-owned by oil major BP and will mark its 10th anniversary later this year, has rapidly grown around the world in recent years and aims to reach 10 gigawatt (GW) of solar capacity by 2023 from a current 2 GW . For more information please visit www.lightsourcebp.com. Building scale with capital discipline and returns focus. Brooks has a Winston Churchill quote in mind: Now, this is not the end. GBp July:announces Egypt market entry through a JV with Hassan Allam Utilities, one of the largest Egyptian construction firms. It is just the start for us in Latin America, Souflis adds. Report this post Report Report. But, we havent tried to run too fast; weve gone slowly to go quickly, if that makes sense. With smaller pockets, comes a different approach. BP International Limited. The Material may contain certain forward-looking statements, forecasts or projections with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. Lightsource bp Renewable Energy Investments Limited. Investors are looking at BPs transition and thinking that its ambitious but value destroying, one top 10 investor said, speaking on condition of anonymity. After all, 2017 was also the year in which renewable power grew by almost 20% higher than the 10-year average led by solar energy. As a leading developer, financier and operator of utility-scale solar, we have been building and growing meaningful partnerships across the energy transition for over a decade. What Lightsource bp is doing to raise support for earthquake survivors in Turkey and Syria. But as an average we are absolutely confident that a return of 8% to 10% is achievable because thats where we are today.. Sustainability is at our core. Cookies also allow us and our partners to show you relevant ads when you visit our site and other 3rd party websites, including social networks. See how we are accelerating our country's transition to a low-carbon future through our utility-scale solar projects. Solar business Lightsource bp is to partner with Portugal's Dourogas on a number of projects centered around green hydrogen production. February 27, 2023. Planned deployments for both companies include projects in Arkansas, Kentucky, Ohio, Pennsylvania, and Texas. Find out more about how Lightsource bp works and operates and our partnership with bp. It is an existing key geography for BP, too, and we already are seeing huge opportunity, says Vlasios Souflis, Lightsource BPs international business development director, who is heading up this latest market entry into Latin America. In order to advance our purpose and ambition, we have identified three strategic focus areas, and weve set targets and aims against these out to 2025 and 2030. The project will be the largest solar project in the state and will help McDonald's and eBay meet their sustainability goals and advance their commitment to climate action. If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com. of 1 each. The projects are spread across 12 U.S states & will generate enough clean energy to power ~1.7 million U.S. homes. All rights reserved. This result is much lower than the UK average (this year 8.6% in favour of men), and is largely due to the composition of our workforce. Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/16dda5bd-3fb9-4df3-a008-49c75d6999d5, https://www.globenewswire.com/NewsRoom/AttachmentNg/f00065c2-75ab-46b9-b9e8-b9057d21ae52. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com. Delivered by Investis. Our Standards: The Thomson Reuters Trust Principles. You must click the activation link in order to complete your subscription. And the next big steps are bigger projects and more volume. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Weve established a good foundation with BP helping us to embed business processes and, after year one, were ready to deliver real growth momentum.. The team is keen to get started in a country where solar is currently heavily underrepresented in the power generation mix but provides a cheaper, flexible, quick-to-deploy energy option that can be placed close to where the demand is. Our growth has been in maturing the organization and getting into a strong operating position for next year. It makes good business sense, too. Oil and gas will remain BPs largest source of income over the coming decade which will help pay for the shift to low-carbon energy. August:further US expansion is announced with the acquisition of six solar development assets in Pennsylvania and Maryland. All rights reserved. You can change your cookie settings at any time. As part of the deal, Lightsource bp and bp have placed firm orders for approximately 4.4GWDC of modules, with options for an additional 1GWDC. Modern Slavery And Human Trafficking Statement. The framework agreements, the largest in First Solars history, will provide modules scheduled to be delivered between 2023 and 2025 to support the companies solar development pipelines in the United States. Information in the bp Annual Report and Form 20-F 2021 reflects 100% of the assets and operations of the company and its subsidiaries that were consolidated at the date or for the periods indicated, including non-controlling interests. We work with businesses and communities around the world to deliver low-carbon solar energy projects. The full details of our Gender Pay Gap Report 2018 can be found here. Its recent list of new deals includes plans to leverage its expertise in developing innovative power purchase agreements (PPAs) in Iberia, for example. , opportunities to partner with solar farms are providing new income streams and in many cases, the ability to expand their operations. New Mexico bp is Americas largest energy investor since 2005, investing more than $130 billion in the economy and supporting about 230,000 additional jobs through its business activities. You can find out more about which cookies we are using or switch them off in settings. This project consists of a 200MWdc solar farm at Goolma Road, Wuuluman. (Loading)*. Solar Power Europe released the entries for its Solar Flora and Fauna photo competition. the Role of Oil and Gas, Sustainability Report 2020 Sustainability at Bp 2020 at a Glance Our Foundations Our Focus Areas Embedding Sustainability External Collaborations Our Reporting, Parent Company Financial Statements of BP P.L.C, DID YOU KNOW? It is not even the beginning of the end. This landmark solar industry procurement deal is a testimony to Lightsource bps exponential growth in the United States, and our confidence in First Solars technology, said Kevin Smith, chief executive officer, Americas, Lightsource bp. BPs shares linger near 25-year lows after it halved its dividend in August. Lightsource and bp celebrate five-year anniversary. It sees further profit opportunities from BPs large power trading business, which can offer customers power from various sources such as solar, wind or natural gas. Designed and developed at its research and development (R&D) centers in California and Ohio, First Solars responsibly produced advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. for the year ended 31 December 2021. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. The great majority of this investment will fund Lightsource's. LIGHTSOURCE BP RENEWABLE ENERGY INVESTMENTS LIMITED, for LIGHTSOURCE BP RENEWABLE ENERGY INVESTMENTS LIMITED (09494479), (of the document filed at Companies House), Companies House does not verify the accuracy of the information filed. Doubling adjusted EBITDA, sustaining returns, focused on customers. Back Submit . This is exactly the type of energy we want to develop and deliver as we continue to build out our renewable pipeline and ultimately strengthen confidence in our target of delivering 20GW of developed renewables by 2025.. The previous year, we reported a gap of 1.2% in favour of men (compared to the UK mean, which was 17.4% according to ONS), and this year our mean gender pay gap is 6%, in favour of women. investor@firstsolar.com First Solar Investor Relations We recognise that the rising need for energy must be met through sustainable sources. Lightsource bp has built or financially closed on more than 900 MW of solar this year and plans on 1,000 MW in 2021. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. And, if youre confident, you can put your head down and deliver, Lightsource BP: one year on and going global. Estimated to abate 204,000 metric tons of carbon dioxide (CO2) emissions each year, equivalent to annual emissions from about 44,000 fuel burning cars. Weve made a number of new hires across the Group, and the number of women in higher paying roles has increased, which is something were very proud of. Visit one of our regional websites to find out more about our local projects, initiatives and key contacts. This website uses cookies so that we can provide you with the best user experience possible. Read story Prev 1 2 Nick Boyle, the Lightsource BP chief executive, said that his business already sees returns targeted by BP. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. *Market data delayed by 20 minutes. But it is, perhaps, the end of the beginning., Were getting mission ready for our next big steps, he says. Our responsibly developed utility-scale projects around the world provide affordable and sustainable energy to businesses and local communities. Lightsource bp and AEP Energy Partners Sign Power Contract for 188 Megawatt Solar Farm in Indiana. The US solar industry is at an important inflection point where it must continue the charge towards delivering 45% of our countrys electricity by 2050 while addressing the risks and uncertainty posed by increasingly volatile solar panel production, pricing, and supply, said Georges Antoun, chief commercial officer, First Solar. Lightsource bp Feb 2021 - Present2 years 1 month San Francisco Bay Area Provide O&M expertise to asset management team. All rights reserved. Today, we are recognized as aglobal solar leader, says its chief strategy officer, James Brooks. The brand gives us a credibility that it would take 30 years to develop on our own. As we continue to grow and progress our 10GW development pipeline across America, in addition to our partner bps 9GWs, executing significant long-term procurement agreements with bankable, world class suppliers like First Solar enables us to deliver on our growth plans and industry-leading global target of 25GW of solar by 2025. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. Our key reports include information about our financial and operating performance, sustainability performance and also global energy trends and projections. Lightsource bp and bp have signed a multi-year agreement for up to 5.4 gigawatts of First Solar modules to be delivered between 2023 and 2025 (Photo: Lightsource bp) Order includes up to 4.3GW for . To accept or reject analytics cookies, turn on JavaScript in your browser settings and reload this page. In addition to its Ohio manufacturing facilities, First Solar also operates factories in Vietnam and Malaysia, and has previously announced plans to build a new 3.3GW factory in India that is expected to be commissioned in the second half of 2023. Preference shares are cumulative first preference shares and cumulative second preference shares in BP p.l.c. Choose a career where you are empowered to change the world! "Reliability is super-important, too this is a young industry, so its like a gold rush, with new players coming into the market who want to flip things quickly. I started in this business six years ago, when we were just finding our feet in the UK and a few hundred megawatts seemed a big ambition. COLUMBUS, Ohio-- ( BUSINESS WIRE )--Lightsource bp has executed a power purchase agreement with Amazon for a new 375 megawatt (MWdc) solar project under development in Ohio, as part of Amazon's. You can find out more about which cookies we are using or switch them off in settings. For more information, please visit www.firstsolar.com. May: Lightsource BP acquires IoT (Internet of Things) business in Ireland called Ubiworx to strengthen digital capability. Lightsource BP's initial goal was to use the oil giant's financial muscle to grow a 1.6 gigawatt pipeline of solar projects to a portfolio of 10GW of solar investments by 2023. Lightsource bp is a global leader with local impact. bps finances are strong and resilient. Our employees are drivers of our success, as is our status as a fair employee with a track record of gender equity in hiring and compensation. (Loading), USD Find out more about our sustainability strategy and initatives. Our approach has always been to attract, select and retain the right person for each position, regardless of gender, sexuality, personal beliefs, identity and ethnicity. GBp Privately-owned Lightsource BP, which develops solar projects from their earliest stages, reported a turnover of 55.3 million pounds ($72.2 million) last year, compared with 40.7 million pounds a year earlier, according to the companys annual report filed this week. In February 2019, Penn State and Lightsource bp announced that theyd signed a 25-year contract for clean, renewable electricity to power the university. This website uses cookies so that we can provide you with the best user experience possible. We are using cookies to give you the best experience on our website. But, while it is proud of projects that are bringing renewable energy to millions of homes in India, for example, the focus this year has been on laying the foundations for further growth, rather than simply building capacity. Partnerships are a key part of our approach, enabling better and faster utilization of our network. farmers and ranchers face increasing economic stress. We power businesses and communities across the US with clean and affordable energy solutions. All quotes delayed a minimum of 15 minutes. To obtain a hard printed copy of bps complete audited financial statements, free of charge, UK based investors should contact bp distribution services by clicking the link above or calling +44 (0)870 241 3269 or by emailing bpdistributionservices@bp.com. By providing your email address below, you are providing consent to First Solar, Inc. to send you the requested Investor Email Alert updates. We provide full scope development for our projects, from initial site selection, financing and permitting through to long-term management of solar projects and power sales to our clients. Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. November Lightsource BP, a global solar company in which oil major BP has a 50 percent stake, has begun commercial operation of its largest solar project located in North Texas. Lightsource bp pays for the first $800 of the monthly insurance premium. In a statement Thursday, Lightsource bp which oil. The ability to bring base load is something that a trading operation like BPs can deliver, Lightsource BP chief operating officer and co-founder Kareen Boutonnat said. is the parent company of the bp group of companies. Lightsource bp Renewable Energy Semiconductor Manufacturing . See here for a complete list of exchanges and delays. TEMPE, Ariz., Nov. 22, 2021 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced that global solar leader Lightsource bp and integrated energy company bp have placed multi-year orders for up to 5.4 gigawatts (GW) combined of First Solars advanced, ultra-low carbon thin film photovoltaic (PV) solar modules. BP are able to deliver more than just solar. We have always been driven, and our partnership with BP is a great enabler. Post Online Media. BP <BP.L> is getting back into solar power six years after its first, failed foray, with a $200 million investment in solar generator Lightsource that the oil and gas firm expects will deliver . We are making substantial progress on our strategy to pivot from an international oil company to an integrated energy company. 2023 Lightsource. Sustainability is integrated into our business strategy and operating model at every level. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. All rights reserved. The parent company financial statements of BP p.l.c. Lightsource bp Renewable Energy Investments Limited. You can sign up for additional alert options at any time. The companies will also have access to First Solars American-made solar modules produced at its fully vertically-integrated manufacturing complex in Ohio. We are growing at pace and scale, going beyond business as usual, to act as an enabler of the energy transition and meet this rising demand for sustainable energy with the urgency it deserves. The Directors statements (comprising the Statement of directors responsibilities; Risk management and internal control; Longer-term viability; Going concern; and Fair, balanced and understandable), the independent auditors report on the annual report and accounts to the members of BP p.l.c., the parent company financial statements of BP p.l.c. Lightsource bp Renewable Energy Investments Limited. It also translates into competitively priced electricity for our customers., Felipe Arbelaez, bps senior vice president of zero carbon energy, added: To help reach our net zero ambition and develop 50GW of renewable power by the end of this decade, we continue to invest in clean, reliable energy in the US. Working alongside your teams, we can offer our unparalleled framework, experience and resources to guarantee the performance of your assets. Lightsource BP, rebranded from Lightsource Renewable Energy in 2018, is the largest solar developer in Europe, and third largest in the world outside of China. Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. You can change your cookie settings at any time. Home, Britoil, Lightsource BP, Llandarcy. Lightsource bp, a 50:50 joint venture with bp, unveiled the solar project that will help reduce emissions and support more than 1,000 jobs at EVRAZ's Pueblo steel mill - the world's first steel mill to be powered largely by solar energy. You've accepted analytics cookies. Our ability to help our customers manage these risks by providing long-term firm pricing and supply commitments, backed by First Solars reputation, is a key differentiator. Throughout the transition, our goal will be to maintain the high performance and steady progress we have shown since our transformation journey began in 2020. pdf / and corresponding auditors report do not form part of bps Annual Report on Form 20-F as filed with the SEC. Our purpose is to deliver affordable and sustainable solar. What the two companies have in common is a shared ambition to accelerate the global low carbon transition. Despite this years impressive results, were not complacent well continue working hard to make sure that equality and fairness is at the heart of our company policies and practices. There is going to be a huge amount of capital flow into new business models, he predicts. It is a key element in BP CEO Bernard Looneys plan to grow BPs renewable power generation capacity 20-fold by 2030 to 50 GW from solar and wind power. We are using cookies to give you the best experience on our website. 2018, The BP partnership has definitely given our whole team confidence. In March 2016, Lightsource Renewable Energy successfully completed and connected Europes largest floating solar farm, installing 6.3MW on the Queen Elizabeth II Reservoir, near London. Solar Energy UK, the UKs solar trade association, has shone a light on new research that suggests that solar farms can contribute positively to food security. As a leading global solar developer and bp partner, we are rapidly scaling-up to help meet the rising demand for reliable electricity, while supporting the global energy transition to net zero. solar projects developed worldwide to date, US solar projects in construction or operations, USD project financing raised in the US since 2019, Executed US power contracts with clients in 11 states. Energy Outlook 2023 considers the recent disruption to global energy supplies and associated impacts on global prices, and explores how this could affect the energy transition out to 2050. Even better, solar shepherds are fighting climate change and promoting healthy landscapes while they maintain vegetation under and around the solar panels. Privately-owned Lightsource BP, which develops solar projects from their earliest stages, reported a turnover of 55.3 million pounds ($72.2 million) last year, compared with 40.7 million pounds. As 2017 drew to a close, BP joined forces with a trailblazing company called Lightsource, Europes largest solar developer. Unless otherwise stated or the context otherwise requires, the term BP or "bp" and terms such as we, us and our are used for convenience to refer to one or more of the members of the bp group instead of identifying a particular entity or entities. Helge Lund, chair Chair's letter pdf / 264.7 KB High-grading our portfolio, lowering our emissions and driving returns. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. This website uses cookies so that we can provide you with the best user experience possible. LIGHTSOURCE BP RENEWABLE ENERGY INVESTMENTS LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity 602-414-9315, Lightsource bp and bp Sign Multi-Year Agreement for up to 5.4GW of First Solar Modules, Western Hemispheres largest solar manufacturing footprint. April:formation of Eversource Capital, a JV with Everstone Group in India, to manage the Green Growth Equity Fund (GGEF). LONDON, Oct 22 (Reuters) - Solar power developer Lightsource BP has generated returns of 10% and more on projects, its chief executive told Reuters as investors fret over joint owner BPs plan to switch away from oil and gas to renewables. Our success is built on more than just our solar projects. BP and Lightsource announced the partnership in December. Speaking about the future growth of Lightsource BP, Brooks says: Ive no doubt that we will be 10 to 15 times the size we are today in a decade. Dont underestimate the ambitions of the Lightsource BP team, he warns. When BP announced its stake in Lightsource in late-December 2017, committing $200 million over three years, Brooks was just a year into his role. DocuSign Envelope ID: A3060411-4035-4A47-88F1-5E2F2BB0AEEC, We Want to Help the World Reach Net Zero and Improve People's Lives, Reliance and BP Move Forward with Indian Fuels Partnership., BP Annual Report and Form 20-F 2018 Scoping Our Scope Covered 136 Components, Press Release by BP and Reliance Industries Limited, BP International Limited ANNUAL REPORT and FINANCIAL, In the Superior Court of the State of Delaware, 1 Complaint Against BP in Respect of Violations of the OECD Guidelines, Plaintiffs' Response in Opposition to BP Motion, Energy Transition: Evolution Or Revolution? What Lightsource bp is doing to raise support for earthquake survivors in Turkey and Syria. We represent the opposite of that.. Looking ahead to 2019, Souflis and Brooks are set to continue assessing opportunities together in multiple countries where Lightsource BP has no presence, at the moment, but where solar makes sense and where the BP name provides a strategic advantage. Lightsource bp announces the appointment of Miguel Fernandez Hortelano as Group Head of Risk and Energy Markets. The Directors remuneration report is on pages 116-141. Our gigawatt-approach to solar provides many benefits to our partners worldwide by leveraging economies of scale, ethical and sustainable procurement, and continuous improvement on quality and efficiency. Lightsource BP will continue to publish an annual Gender Pay Gap Report, despite falling below the threshold of businesses required to do so, as evidence of our dedication to fair pay and transparency. The former Goldman Sachs principal and investor went from finance to an operating business because: I have an enormous personal conviction about the energy transition and the ability to have a real impact.. 260MW of affordable, clean and locally generated electricity for Texas communities. Group Results Fourth Quarter and Full Year 2019 Highlights. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Developed at R&D labs in California and Ohio, the companys advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels.