Linklaters has advised bp on the acquisition of the 50.03% interest it does not already own in Lightsource bp, a developer and operator of utility-scale solar and battery storage assets.
bp intends to use Lightsource bp’s world-class capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power. This integration is expected to underpin and de-risk delivery of bp’s targets for its transition growth engines – in hydrogen, EV charging and biofuels as well as in power trading.
The parties have agreed a base equity value of £254 million for the 50.03% interest. The selling shareholders will also have the opportunity to receive further payment over time, dependent on company performance and the market value of pre-agreed assets divested from the portfolio.
Subject to regulatory approvals, the transaction is currently anticipated to close in mid-2024.
The deal team was led by Corporate M&A partner Derek Tong and Energy & Infrastructure partner Mark Russell, alongside Corporate managing associate Tom Ford.
Linklaters has a market-leading Energy & Infrastructure offering, advising on landmark transactions across the world – covering renewables, nuclear, hydrogen and other decarbonisation/energy transition technologies, etc. The firm has a track record of advising holistic M&A transactions, offering pragmatic, commercial and legal advice through its experience of the industry sectors its clients operate in, most recently advising Glennmont Partners on the acquisition of 50% in offshore wind farm Gode Wind 3 from Ørsted, Copenhagen Infrastructure Partners on its strategic investment in CWP’s Green Hydrogen Business, and OPTrust, USS and BRUC on the sale of 49% of BRUC’s 1,066 megawatts portfolio to Interogo Holding.
