Lightsource bp, the largest solar developer in Europe, has secured $1.8 billion in financing and is targeting 25 gigawatts of solar by 2025, the company announced.
The funding will be used to boost Lightsource bp's current 20 GW pipeline to 25 GW by 2025. Lightsource bp is developing an additional 9 GW solar portfolio for bp.
“Globally, renewable energy is shifting from a mindset of gigawatts to terawatts," Nick Boyle, group chief executive for Lightsource bp, said. “If we’re going to meet the commitments of the Paris Agreement — business as usual isn’t going to cut it. Our industry-leading 25GW by 2025 target and the finance package are further proof that Lightsource bp has left business as usual far behind."
Lightsource bp has developed more than 30 projects that deliver 8-10% returns to investors, Dev Sanyal, bp's executive vice president of gas and low carbon, said in a statement.
Last week, Chevron Mike Wirth infamously said his company will not invest in wind and solar because of the low return to investors, suggesting investors can plant trees on their own with dividends released by the company.
"So when people ask if we really have the capability to deliver the returns we talk about, the answer couldn’t be clearer – yes, we can because we are. Lightsource bp continues to deliver and it continues to grow. And quite frankly we love it – because it works," Sanyal said.
Lightsource bp has a U.S. portfolio of nearly 10 GW, including 2 GW entering into operations or construction in the last 18 months.