Lightsource bp sells solar assets to fund APAC expansion

Aerial shot of solar fam (lightsource bp)
Image: Shutterstock

Lightsource bp has confirmed the sale of five utility-scale solar photovoltaic (PV) projects to Beijing Energy International Australia (BJEI Australia), with a total equity value of $813 million.

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The 1.037GW solar portfolio comprises the Wellington, West Wyalong and Woolooga solar projects already in operation and the Wellington North and Wunghnu projects aiming to be operational in the second half of 2024. The projects are located in New South Wales, Queensland and Victoria in Australia.

Lightsource bp APAC managing director Adam Pegg said, “There have been a number of headwinds facing the renewable industry over the past five years, and I am proud that to date we have been able to develop quality projects and deliver value in Australia.

“Lightsource bp’s strength lies in facilitating the shift towards sustainable energy by leveraging our capability and expertise in solar development to support the expansion of renewable portfolios in Australia and around the world.

“We will use the proceeds from this sale to accelerate the development of our pipeline across the APAC region, advancing exciting projects in New Zealand, Taiwan, and South Korea, as well as continuing to be a leader in Australia.

“The world is reaching a tipping point on climate change and utility-scale solar will play a vital role in establishing a reliable, cost-effective, and lower carbon energy system, and the development and sale of these assets validates Lightsource bp’s ability to deliver a meaningfully contribution to the energy transition,” Pegg added.

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Lightsource bp continues to progress its solar and battery storage portfolio of more than 7.5GW across Australia and New Zealand, and is exploring other investment opportunities in the sector, including wind, battery storage, and integration with green hydrogen production.

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