lightsource bp annual report

* Lightsource BP returns average 8% to 10% -CEO, * Some European projects offer higher returns - CEO, * BPs trading offers further profit opportunities -COO. The new facility is expected to be commissioned in the first half of 2023 and when fully operational will scale the companys Northwest Ohio footprint to a total annual capacity of 6GW, which is believed to make it the largest fully vertically integrated solar manufacturing complex outside of China. 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. Our team includes over 500 industry specialists, working across 15 countries. Advancing our sustainable future At Lightsource bp, we've been developing utility-scale solar projects since 2010. Post Online Media. Lightsource bp Feb 2021 - Present2 years 1 month San Francisco Bay Area Provide O&M expertise to asset management team. It is not even the beginning of the end. Brazil is a massive market with huge potential. of 25 cents each. Report this post Report Report. To accept or reject analytics cookies, turn on JavaScript in your browser settings and reload this page. Our key reports include information about our financial and operating performance, sustainability performance and also global energy trends and projections. You can find out more about which cookies we are using or switch them off in settings. Lightsource bp Renewable Energy Investments Limited. We use some essential cookies to make our services work. 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. 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. Building scale with capital discipline and returns focus. Together with our 50:50 joint venture partner bp, we are reimagining energy and enacting real change on the energy landscape, not just in the USA, but all over the world. We recognise that the rising need for energy must be met through sustainable sources. We are using cookies to give you the best experience on our website. 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 . As 2017 drew to a close, BP joined forces with a trailblazing company called Lightsource, Europes largest solar developer. 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. Read story Prev 1 2 If you are passionate about accelerating the energy transition, and looking to join a global collaboration of team members focused on delivering sustainable power, visit our careers page to find out more about working at Lightsource bp. See here for a complete list of exchanges and delays. The full details of our Gender Pay Gap Report 2018can be found here. Under the agreement, First Solar has firm orders for 1.55GWDC of modules in 2023, 1.3GWDC in 2024, and 1.55GWDC in 2025. Lightsource bp Renewable Energy Semiconductor Manufacturing . BP will invest $200 million in Lightsource over three years for a 43% stake in the business. 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. The company was incorporated in 1909 in England and Wales and changed its name to BP p.l.c. and corresponding auditors report do not form part of bps Annual Report on Form 20-F as filed with the SEC. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. Lightsource BP is a British company with headquarters in London, and offices in Madrid, Milan, Athens, San Francisco, Philadelphia, Mumbai, New Delhi, Cairo, Melbourne, Amsterdam, Bath, Belfast and Dublin. The Directors remuneration report is on pages 116-141. 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. We are using cookies to give you the best experience on our website. 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. 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. Lightsource bp and AEP Energy Partners sign power contract for 188 megawatt solar farm in Indiana 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. For First Solar Investors 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 This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. First Solar Investor Relations The company and each of its subsidiaries are separate legal entities. About bp 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. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Philadelphia, Atlanta and Austin. We are using cookies to give you the best experience on our website. It, however, recorded an operating loss of 24.5 million pounds in 2019 compared with a 15 million pound loss a year earlier, as a result of higher investments in new projects. 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. Our sustainability framework shows how were decarbonising the worlds energy landscape through responsibly developed solar projects. You can find out more about which cookies we are using or switch them off in settings. 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. Solar business Lightsource bp is to partner with Portugal's Dourogas on a number of projects centered around green hydrogen production. (), USD In February 2019, Penn State and Lightsource bp announced that theyd signed a 25-year contract for clean, renewable electricity to power the university. Since 2010, weve provided sustainable and affordable energy to businesses and communities throughout the UK. The project is primarily located on 1,800 acres of land on EVRAZ Rocky Mountain Steel property in Pueblo. We have always been driven, and our partnership with BP is a great enabler. Were looking at assets in some parts of Europe that definitely offer double digit returns and we are also looking at assets in other parts of the world that are lower than that, he told Reuters in an interview this month. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. 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. The Strategic report and the Directors report together include the management report required by DTR 4.1 of the UK Financial Conduct Authoritys Disclosure Guidance and Transparency Rules. Lightsource bp is an international solar business. 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. February:a deal to build, own and operate the largest solar facility in Kansas, US, for the Mid Kansas Electric Company is signed. Delivered by Investis. This project consists of a 200MWdc solar farm at Goolma Road, Wuuluman. We know many ways in which to finance projects and understand the market for financing very differently.. As a business, we also care deeply about our culture and values, invest in our teams, and place people and communities at the heart of the decisions we make. May: Lightsource BP acquires IoT (Internet of Things) business in Ireland called Ubiworx to strengthen digital capability. 2023 Lightsource. Led by Emilie Wangerman, Lightsource bp's business development team supported bp in acquiring an additional 9 GW pipeline of projects from 7X Energy, Inc., which will be exclusively developed by Lightsource bp's U.S. team. Even better, solar shepherds are fighting climate change and promoting healthy landscapes while they maintain vegetation under and around the solar panels. From innovative technology, to boosting biodiversity and protecting bees, discover how our solar projects are making a difference. Lightsource and bp celebrate five-year anniversary. The anniversary of BP's investment in Europe's largest solar developer is coinciding with its announcement of expansion into Brazil, the latest step in the company's growing global footprint As 2017 drew to a close, BP joined forces with a trailblazing company called Lightsource, Europe's largest solar developer. Legal notice in relation to the material on this page. In just 11 months, the company has been awarded significant corporate power contracts in the US and Australia, entered the Egyptian energy market through a joint venture, and established a 500 million green energy infrastructure fund in India. 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. 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. A year ago, Lightsource was the established solar leader in Europe. We are using cookies to give you the best experience on our website. Today, we are recognized as aglobal solar leader, says its chief strategy officer, James Brooks. Sustainability is integrated into our business strategy and operating model at every level. *Market data delayed by 20 minutes. 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. Read more about supporting local communities, Procurement agreement with US-based manufacturer. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Read story 28 Feb, 2023 260MW of affordable, clean and locally generated electricity for Texas communities. 382.4 KB, pdf / First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. 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. 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. 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. There is going to be a huge amount of capital flow into new business models, he predicts. Todays announcement reflects the speed in which were moving to deliver these high-quality solar projects. The development of our projects are underpinned by our core values, ethically focussed and climate conscious. 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 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. Header placeholder lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. 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. BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. For more information on bp in the US, visit www.bp.com/us. Group Results Fourth Quarter and Full Year 2019 Highlights. Today, its average development can produce more than 70MW - with the largest in development in Australia at more than 500MW. Lightsource is Europe's largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects. Visit one of our regional websites to find out more about our local projects, initiatives and key contacts. Since 2010, we've provided sustainable and affordable energy to businesses and communities throughout the UK. At Lightsource bp, weve been developing utility-scale solar projects since 2010. After submitting your request, you will receive an activation email to the requested email address. Lightsource bp and AEP Energy Partners Sign Power Contract for 188 Megawatt Solar Farm in Indiana. But it is, perhaps, the end of the beginning., Were getting mission ready for our next big steps, he says. BP p.l.c. Lightsource BP - the solar developer 50% owned by the oil supermajor - announced a more than doubling in growth ambitions backed by a $1.8bn finance package as it hailed "a shift in mindset from gigawatts to terawatts" by the global renewables sector. 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. BP International Limited. Home, Britoil, Lightsource BP, Llandarcy. Lightsource bp is a global solar leader and 50:50 JV partner with bp, working with utilities, businesses, local communities and governments to help meet the rising demand for affordable, reliable and sustainable energy. We power businesses and communities across the US with clean and affordable energy solutions. Rachael will be responsible for Lightsource bps global procurement organisation including purchasing, supplier quality, and global supply chain strategy. This website uses cookies so that we can provide you with the best user experience possible. Lightsource bp, Schroders Greencoat and H&M Group announce the completion of two new solar power stations in Leicestershire. Were delighted that bp and Lightsource bp have placed their trust in us and our technology to help power their growth in the United States.. See how we are accelerating our country's transition to a low-carbon future through our utility-scale solar projects. Lightsource bp is a global leader in utility-scale solar development and management. In 2021 we started directly supplying customers in China with gas from liquefied natural gas (LNG) imported by bp, completing our first fully integrated gas value chain into the country. We'd also like to use analytics cookies so we can understand how you use our services and to make improvements. (Loading), USD But, we havent tried to run too fast; weve gone slowly to go quickly, if that makes sense. But many BP investors have cast doubts over BPs vow that the renewables business could generate returns of 8% to 10%, higher than the sectors average of 5% to 6% in order to maintain and even grow shareholder payouts. Procurement agreement with US-based manufacturer. 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. This week SolarPower Europe released a follow-up interview with our Director of Environmental & Social Planning, Penny Laurenson. Find out more about our sustainability strategy and initatives. Modern Slavery And Human Trafficking Statement. 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 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 . 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. BP are able to deliver more than just solar. Lightsource bp, Schroders Greencoat and H&M Group announce the completion of two new solar power stations in Leicestershire. To obtain a hard printed copy of BP's 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. You should not place undue reliance on these forward-looking statements. The companies will also have access to First Solars American-made solar modules produced at its fully vertically-integrated manufacturing complex in Ohio. 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. We are using cookies to give you the best experience on our website. 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. ()*, GBp Construction on this project commenced in December 2019. We use cookies to make our services work and collect analytics information. It is just the start for us in Latin America, Souflis adds. February 27, 2023. These provide the basis for a common set of enduring objectives for bp as we transform the organization consistent with the long-term energy transition. If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com. farmers and ranchers face increasing economic stress. 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. November:expansion into Italy, Iberia and Brazil is announced. Doubling adjusted EBITDA, sustaining returns, focused on customers. The Material does not (i) form part of the bp Annual Report and, pdf / 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. 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. 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. Lightsource bp Renewable Energy Investments Limited. New Mexico Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. These forward-looking statements are often characterized by the use of words such as estimate, expect, anticipate, project, plan, intend, seek, believe, forecast, foresee, likely, may, should, goal, target, might, will, could, predict, continue and the negative or plural of these words and other comparable terminology. (Loading), USD 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. With smaller pockets, comes a different approach. Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Lightsource bp has built or financially closed on more than 900 MW of solar this year and plans on 1,000 MW in 2021. BP and Lightsource announced the partnership in December. Here are some examples of how we performed in 2021. About Lightsource bp We power businesses and communities across the US with clean and affordable energy solutions. 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. 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. 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. , opportunities to partner with solar farms are providing new income streams and in many cases, the ability to expand their operations. bps ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. July:announces Egypt market entry through a JV with Hassan Allam Utilities, one of the largest Egyptian construction firms. 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. Lightsource bp announces the appointment of Miguel Fernandez Hortelano as Group Head of Risk and Energy Markets. November:contracts are signed for 25MW of solar power in Western US. The bp Annual Report and Form 20-F 2021 contains the Strategic report on the inside front cover and pages 1-80 and the Directors report on pages 81-115, 116 (in part only), 142-143, 254-281 and 337-388. Working alongside your teams, we can offer our unparalleled framework, experience and resources to guarantee the performance of your assets. Such a strategy, known as a farm down, helps bring up the overall returns on a project, Boyle said. In 1910, the steel mill, then known as The Colorado Fuel and Iron Company, employed approximately 15,000 people, or about one-tenth of the entire Colorado workforce, according to the Colorado Encyclopedia and later was the . Find out more about us and how were working together to create a sustainable energy future for us all. in 2001. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Lightsource bp pays for the first $800 of the monthly insurance premium. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. And, if youre confident, you can put your head down and deliver, Lightsource BP: one year on and going global. These forward-looking statements include, but are not limited to, statements concerning (i) the framework agreement to supply up to 5.4 gigawatts (GW)DC of solar modules to bp and Lightsource bp, (ii) an MoU with bp and Lightsource bp to explore opportunities to source solar electricity from generation assets owned by the two companies in the United States, (iii) First Solars plans to establish new factories in the United States and India and the expected capacities of those factories, and (iv) when those factories will commence operations and the companys resulting global manufacturing footprint. Our responsibly developed utility-scale projects around the world provide affordable and sustainable energy to businesses and local communities. 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. All quotes delayed a minimum of 15 minutes. Oversee onboarding of new facilities. 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. From raw material sourcing and manufacturing through end-of-life module recycling, First Solars approach to technology embodies sustainability and a responsibility towards people and the planet. Preference shares are cumulative first preference shares and cumulative second preference shares in BP p.l.c. Souflis adds: For us, success is not about just creating megawatts projects have to be profitable. 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? August:further US expansion is announced with the acquisition of six solar development assets in Pennsylvania and Maryland. The parent company financial statements of BP p.l.c.