Lightsource BP acquires 135MW of US solar assets from Orion

10 August 2018 (Last Updated August 10th, 2018 10:08)

Lightsource BP has acquired six solar development assets from US-based Orion Renewable Energy Group.

Lightsource BP has acquired six solar development assets from US-based Orion Renewable Energy Group.

Financial details of the acquisition have not been disclosed by either company.

The acquisition includes a 135MW DC portfolio that consists of projects in the liquid PJM power pool, as well as in Pennsylvania and Maryland energy markets.

Lightsource BP Group CEO Nick Boyle said: “The acquisition of the largest solar development portfolio in Pennsylvania builds on our proven reputation as a global renewable energy leader.

"The plan ‘Finding Pennsylvania’s Solar Future’ recommends strategies to meet a target of supplying 10% electric retail sales from in-state solar energy sources by 2030."

“We are accelerating the development of solar with a strong focus on new and underserved markets, as it is an important component of a diverse fuel mix.”

Lightsource BP’s intent to acquire the six solar development assets follows after Pennsylvania Department of Environmental Protection (DEP’s) released its draft plan to expand in-state solar resources.

The plan ‘Finding Pennsylvania’s Solar Future’ recommends strategies to meet a target of supplying 10% electric retail sales from in-state solar energy sources by 2030.

To meet the goal, it includes 15 recommended strategies and estimates Pennsylvania must install about 11GW of solar energy capacity.

Lightsource and BP have agreed to form a strategic partnership in December last year, where BP agreed to invest $200m to acquire 43% equity share in Lightsource.

At the time of entering into the strategic partnership BP group, chief executive Bob Dudley said: “While our history in the solar industry was centred on manufacturing panels, Lightsource BP will instead grow value through developing and managing major solar projects around the world.”