Lightsource bp, a major developer and operator of large-scale renewable energy projects, achieved a significant milestone in 2024 by signing 10 power purchase agreements (PPAs) totalling 1.3 gigawatts (GW). These agreements span Europe, the Americas, and the Asia-Pacific region, showcasing the company’s ability to deliver renewable energy solutions that meet the diverse needs of corporate buyers and utilities across global markets.
Growing demand for competitive energy solutions
As energy buyers worldwide place increasing importance on cost competitiveness and energy resilience, the renewable energy market continues to grow. Lightsource bp has already secured agreements with leading global companies such as H&M Group, Microsoft, LyondellBasell, and Google, who have committed to ambitious renewable energy sourcing goals. These deals highlight the rising demand for flexible and tailored PPAs that align with companies’ operational strategies and long-term sustainability objectives.
Innovation in PPA structures
Lightsource bp’s continued success is underpinned by the expertise and specialised track record of its in-house energy markets team, capable of innovating, adapting, and delivering PPAs that meet specific buyer needs, leveraging Lightsource bp’s global reach and international portfolio of renewable projects.
For instance, in late 2023, the company led the creation of a collective virtual PPA with the Fashion Pact, the largest CEO-led initiative for sustainability in the fashion and textile industry. This partnership included a bespoke multi-buyer structure linked to Lightsource bp’s solar portfolio in Spain, meeting the needs of 12 fashion brands. The agreement was signed by all parties in just a few months, creating an equitable platform for initiative members to access competitively priced renewable energy.
Outlook for 2025
Looking ahead to 2025, Lightsource bp’s global portfolio continues to grow, creating immediate opportunities for energy buyers. This quarter, a 500-megawatt (MW) solar and storage portfolio is available for power purchase agreements across the Iberian Peninsula, a region with high solar irradiance where solar remains the most cost-competitive energy source.
Additionally, opportunities are growing across several markets in the United States, including in SPP, MISO, and ERCOT regions. In Asia-Pacific, the team is exploring further opportunities in Asian markets to complement operations in South Korea, Taiwan, and Japan, while strengthening its presence in Australia and New Zealand.
