Lightsource bp has secured a new $1.8 billion revolving credit facility and trade finance facility that will be used to develop 25GW of solar by 2025.
Since its formation in 2010, Lightsource has developed 3.8GW of solar projects globally. However, the company has upped the ante by announcing a commitment to drive this total to 25GW of developed projects by 2025, fed by its expanding development pipeline and funding.
Nick Boyle, group chief executive for Lightsource bp, said: “Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy.
“This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis.
“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.“
The Lightsource bp pipeline continues to grow rapidly through greenfield, co-development and acquisition opportunities.
In 2021 Lightsource bp increased its presence across many major European markets, including Spain, Italy and Portugal and announced a major auction win and market entry into Greece.
In the US, the company’s portfolio has grown to almost 10GW including more than 1.9GW entering into operations or construction in the last 18 months alone.
Additionally, Lightsource bp is exclusively developing a 9GW solar pipeline for bp following its acquisition from 7X Energy.
“We know our plans for growth and job creation are very ambitious, but this is the pace of change we need to move at,” said Boyle.
Boyle emphasised in the statement that the company’s quick growth won’t sacrifice safety, sustainability or responsibility to people and the planet.