Lighsource bp to Sell Five Solar Projects in Australia for $547 million

The projects are expected to produce 2,230 GWh of clean energy annually

December 15, 2023


Lightsource bp, a global utility-scale solar project developer, announced the sale of five of its utility-scale solar photovoltaic (PV) projects to clean energy generation company Beijing Jingneng Clean Energy Australia (BJCE Australia) for A$813 million (~$546.68 million).

The five solar power projects, located across New South Wales, Queensland, and Victoria, have a cumulative capacity of 1,036 MWdc.

The money raised from the sale will help fund Lightsource bp’s expansion plans throughout the Asia–Pacific region and advancing initiatives in South Korea, Taiwan, and New Zealand.

Three of the five Projects located in Wellington, West Wyalong, and Woolooga are already in operation, and the other two projects in Wellington North and Wunghnu are expected to be commissioned by the second half of 2024.

The projects are expected to produce 2,230 GWh of clean energy annually, powering 380,000 households and avoiding 1.7 million metric tons of CO2 emissions.

Lightsource bp currently has a solar and storage portfolio of more than 7.5 GW across Australia and New Zealand. The company plans to also explore other investment opportunities in wind, battery storage, and integration with green hydrogen production.

“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,” said Adam Pegg, Managing Director, Lightsource bp, APAC.

KWM, Macquarie Capital, and EY had advised Lightsource bp on the transaction.

BJCE Australia, the Australian arm of BJCE, a Beijing-based clean energy generation company, was established in 2017 and has set a target of 1 GW clean energy generation portfolio by 2023.

Recently, bp announced that it would acquire an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the company. The acquisition is expected to allow for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.

According to Mercom Capital’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 solar project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.