BP Renewable Arm Lightsource bp Sells 1 GW Australian Portfolio To Chinese Firm

BP Renewable Arm Lightsource bp Sells 1 GW Australian Portfolio To Chinese Firm RECPDCL Issues RFP for 290 MW Solar Projects with Greenshoe Option

Continuing its efforts to recycle its renewable asserts, Lightsource bp, the renewables focused arm oil and gas major bp with a heavy solar focus, has divested its 1GW solar portfolio in Australia to Beijing Energy International Australia, the local subsidiary of Chinese clean energy firm Beijing Energy.

The portfolio consists of five projects, with three in operation and two under construction: the Wellington and West Wyalong facilities in New South Wales, and the Woolooga project in Queensland, which have a combined solar capacity of 521MW. The other two projects, the Wellington North and Wunghnu facilities, are under construction. For Bejing Energy, the portfolio will add serious heft to its presence in Australia, where it only had a portfolio of about 285 MW until now. It also underscores the high Chionese interest in ensuring a healthy Australian solar market, where it has high stakes by way of equipment sales and other deals in the renewable energy space. Including major plans in Green Hydrogen.

The deal comes even as Lightsource bp was announced as one of the winning proponents of a tender for long-duration energy storage (LDES) in the state of New South Wales. The planned Goulburn solar PV project will be co-located with an 8-hour duration 49MW (392MWh) lithium-ion battery energy storage system (BESS).

With a 100% control over Lightsource bp, BP has high plans to use the firm to expand on its renewable ambitions, backed by high profits from its mainstay, the oil and gas business.  The Australian sale in no way means a cut down of its plans in Australia, where it has also acquired a stake in a massive 26 GW project that will seen to produce Green Hydrogen for exports. The high availability of land and climatic conditions ideal for solar especially means Australia’s many projects that hope to export green energy are staying the course, despite challenges of cost.

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Tony Cheu

Tony is a BSc who has shifted from a career in finance to journalism recently. Passionate about the energy transition, he is particularly keen on the moves being made in the OECD countries to contribute to the energy transition.