Lightsource BP, the British oil tanker vehicle for investments in solar energy, announced the acquisition with Enerlife developer of a project package in Brazil with about 2 gigawatts in capacity, in a business whose value was not revealed, The company’s second note on Thursday.
The transaction adds to other recent bets of large oil multinationals in the Brazilian electric sector, in motion that seeks to leverage the country’s potential for renewable sources amid the betting of a global transition towards a low carbon economy .
According to Lightsource BP, the portfolio acquired by the developer “consists of 1.9 gigawatts of developing solar projects.”
This includes 440 MW of large-scale projects, able to participate in government bids for generation ventures, and 180 megawatts in smaller, distributed-generation projects located in five Brazilian states.
The announcement of the partnership with Enerlife comes shortly after the company and Lightsource BP have jointly won a government bid for new power generation projects held last Friday.
In the so-called A-4 auction, the companies sold the future production of five solar power plants, with a total capacity of about 160 megawatts. The ventures need to enter into operation until 2023 and should require investment of about 680 million reais.
Lightsource BP stated that as part of the announced transaction, some senior members of the Enerlife team will be transferred to the company to work on the further development of the projects.
“Through this acquisition, Lightsource BP will significantly increase its portfolio, reinforce its experience and establish its ambition to become a prominent participant in the Brazilian solar market,” the company said in a statement.
One of the executives who will migrate to the Lightsource BP is the former CEO of Enerlife, Miguel Lobo, who is the director of business development of the company. He had previously been the general manager of Martifer Renewables for Latin America.
“I am personally eager to grow and progress further with solid financial support, extensive experience and extensive procurement and logistics relationships provided by Lightsource BP,” said the executive in a statement.
In addition to BP, other oil companies have already announced investments in clean energy in Brazil, such as the French Total and Norwegian Equinor. Reuters published in April that more companies in the oil sector were looking for renewable assets for acquisition in Brazil, including BP.
Lightsource BP has a global role in the financing, development, acquisition and management of photovoltaic solar energy projects. BP acquired 43% of the company at the end of 2017, in the midst of a strategic partnership that involved the adoption of the company’s current name. It has invested more than 3 billion dollars in about 2 gigawatts of solar projects around the world.
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