This move is driving Petrobras' involvement in renewable energy, aiming to accelerate solar projects in the country and contributing to Lightsource bp's long-term growth strategy in Brazil
Petrobras and Lightsource bp have announced the signing of an agreement to establish a strategic partnership in the onshore renewable energy segment. Under the agreement, Petrobras will acquire 49.99% of Lightsource bp's subsidiaries in Brazil. The completion of the transaction is subject to regulatory approvals. The partnership will be structured as a joint venture, with shared management between Petrobras and Lightsource bp.
Through this initiative, Petrobras is taking a significant and strategic step by entering the solar energy generation segment, expanding its presence in the renewable energy market in Brazil, and creating a platform that can incorporate new renewable energy businesses, such as energy storage. Petrobras has already been developing solar plant projects at its refining units. Currently, the company intends to install 56 MW by 2027, with 10 MW already installed at Regap. This partnership, however, allows Petrobras to have a broader presence in the segment, involving other consumers, which reinforces the company's commitment to diversifying its portfolio and building a more sustainable future.
'Today we are taking an important step in Petrobras's operations in the solar energy segment. This partnership represents a fundamental advance in the company's trajectory towards a Just Energy Transition and complements the renewable generation projects being implemented by Petrobras in its assets, such as the Regap and Replan refineries. We are committed to leading this process in the country, expanding our presence in new energy sources, promoting the decarbonization of our operations and producing more sustainable fuels. We will continue to provide the energy necessary for Brazil's development,' says Petrobras President Magda Chambriard.
'Together, this partnership will combine Lightsource bp's end-to-end expertise in onshore renewables and energy storage in Brazil with Petrobras' strategic capabilities to further drive the growth of low-carbon energy solutions across Brazil,' said Joaquin Oliveira, CEO of Lightsource bp. 'With our strong local expertise, built over nearly seven years of activity in Brazil across all phases of project development, construction and operation, we will continue to generate value for the company, our customers and stakeholders. We are excited about this partnership with Petrobras.'
The closing of the deal is subject to relevant approvals, including those from the competent regulatory bodies.
Lightsource bp, a bp group company, will contribute to the joint venture with its pipeline, which includes between 1 and 1.5 GW in a more advanced stage of development, as well as other less mature projects in Brazil, and the Milagres photovoltaic solar plant in Abaiara, Ceará, which has been in operation since 2023 with 212 MWp of installed capacity – one of the largest in the state.
This joint venture aims to develop profitable renewable energy projects and increase the presence of Petrobras and Lightsource bp among the main players in the Brazilian renewable energy sector.
About Lightsource bp
Lightsource bp is a leader in the development, construction, and operation of large-scale onshore renewable energy and energy storage project solutions. Operating in three global regions, with 11.9 GW developed and a global development pipeline exceeding 55 GW, the company is focused on advancing the energy transition, generating value for its people, partners, and the planet. Leveraging its extensive expertise, Lightsource bp offers integrated renewable energy solutions with security throughout the entire development chain, from initial site selection, financing and licensing, engineering and construction management, to operations. The company delivers flexible, hybrid, and demand-driven renewable energy and energy storage assets. Lightsource bp is a bp company.
Source: Petrobras
