Research and development spending and scope has increased since last year, and Lightsource Labs the main element of a wide-ranging R&D arm that spans from Greece to Palo Alto now examines everything from a 10-year range, something which Boutonnat described as a big step for the company. 21 September, 2021 01:00 BP's joint solar venture Lightsource BP, founded by Co Antrim man Nick Boyle, plans to more than double its global expansion by 2025 after clinching a financing deal. [4], In 2016, the company launched Europe's largest floating solar project at the Queen Elizabeth II Reservoir, in Walton-on-Thames. After all, US$200 million is short change for a company whose total group profits for the 2017/18 financial year topped $2.5 billion. It takes a lot of energy. Lightsource bp Global CEO Nick Boyle speaks about the company's ambitious new target, and how they plan to achieve 25GW by 2025.-------------------------------------------------- Read more about: Lightsource bp - an international solar business: https://www.lightsourcebp.com/ Our innovative solar farms and solar energy projects: https://www.lightsourcebp.com/projects/ How we contribute to global sustainability through responsible solar projects: https://www.lightsourcebp.com/sustainability/ Latest news and insights about renewable energy and our solar power projects: https://www.lightsourcebp.com/news/ Our career opportunities and culture: https://www.lightsourcebp.com/careers/ ---------------------------------------------- Follow us on: Twitter: https://twitter.com/lightsourcebpLinkedIn: https://www.linkedin.com/company/lightsourcebpInstagram: https://www.instagram.com/lightsourcebp ---------------------------------------------- Subscribe to our YouTube channel: https://www.youtube.com/user/LightsourceSolar Watch our project videos: https://www.youtube.com/watch?v=APeV6w3NJXU\u0026list=PLBvK2q4_2ziphjtA764FSS5D9csdmVUvi Watch our educational videos: https://www.youtube.com/watch?v=XwdKPNRIWls\u0026list=PLBvK2q4_2ziqGufApfrbMHHSTcmNOemYO -------------------------------------------------- About Lightsource bp: Lightsource bp is an international solar business. partnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. Two years later that stake was increased to create the 50:50 joint venture in place today. The future in hydrogen alone makes the 25GW target look small. This is always an amusing one for me, Boyle says. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. To date, Lightsource bp has deployed several GW of utility-scale solar projects globally and is executing a significant international project development pipeline as part of its industry-leading ambition to develop 25GW of solar by 2025. That confidence that Lightsource BP has fed into that new strategy can also be illustrated through the numbers. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. TE Nick Boyle earned $25,785,075 in his NFL career. At the time, the U.K. had installed next to no solar. In 2017, BP acquired a 43% stake in the company by investing $200million. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". If we compare what BP is like to what our previous [funders] were like, there is no comparison. Ask the dentist: Why can some people not cope with the word 'fat'? They just have this very can-do, empowering mentality that suits us perfectly, Boyle says. Thats a very different bet to digging a hole and wondering whether youll hit gas or oil, and how much, and what itll cost to get it out, and what the market price will be when you get it out, he says. N ick Boyle, the founder and chief executive of solar power giant Lightsource BP, is striding through its central London headquarters speaking as quickly as he walks. Shell snapped up US developer Silicon Ranch mere weeks after the Lightsource BP deal was announced, and both Orsted (formerly DONG) and Equinor (formerly Statoil) have spoken of solar ambitions. 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The potential for solar is absolutely huge.. When we laid out the Reimagining Energy strategy, the only speaker, other than our CEO Bernard Looney, was Nick Boyle. That wasn't due to a dearth of other speakers BP could have picked, he joked, but because Boyle could "demonstrate what we had done that had given us confidence for the future. Tomorrow marks one year to the day since BP announced a US$200 million (148 million) investment in solar developer Lightsource, in a move which saw the energy giant return to the solar sector by picking up a 43% stake in the London-based firm. Batteries are helping to optimize the power grid and opening up new applications and services for utilities and service providers. They were doing a survey of developers, and what types of systems and processes they have in-house, and they were very surprised by the way we run things, Boutonnat adds. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. He is not dating anyone. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. If we're going to meet the commitments of the Paris Agreement, business as usual isn't going to cut it. Three years ago nobody was talking about green hydrogen in any great degree of analysis,Sanyal said. It worked. Lightsource bp's Group CEO is Nick Boyle. We are using cookies to give you the best experience on our website. If you are passionate about accelerating the energy transition, and looking to join a global collaboration of team members focused on delivering sustainable power, visit our careers page to find out more about working at Lightsource bp. It was at the end of 2017 that the oil giants acquisition of 43% of the company, now rebranded as Lightsource BP, was agreed. The project comprises 200,000LONGi Solar photovoltaic panels ground-mounted across 240 acres (97ha). One of things that weve done really well in the first years in partnership with BP is that weve set aggressive targets and weve delivered on every one them They were able to believe us when we said: Guys, 10GW isnt really pushing the envelope. That was the start of the conversation about how we redefine what good looks like, Boyle says. Lightsource BPs Vendimia solar project in Spain. Lightsource bp Renewable Energy Investments Limited. [8], As of 2018, Lightsource BP has commissioned 1,300MW of solar capacity and manages about 2,000MW of solar capacity. Lightsource BP still manages the portfolio of installs in the UK, but sees this market as a longer-term play, usurped by markets like Australia where Lightsource BP has concentrated a not insignificant amount of resource as the countrys energy market battles spiralling network costs. March 19, 2020 10:00 AM Eastern Daylight Time SAN FRANCISCO-- ( BUSINESS WIRE )--Lightsource BP, a global solar leader, today announced that it has successfully closed on a $250 million financing. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. This website uses cookies so that we can provide you with the best user experience possible. Following the completion of the transaction, the company will be renamed Lightsource BP. Will His AI Plans Be Any Different? Lightsource BP was one of the companies that sourced their panels and components from the companies linked to Xinjiang, albeit prior to 2016 when the state-sanctioned abuse of Uyghur communities began to gain international attention. There is, too, a strong focus on optimising the actual use of electrons both in the home and in C&I applications, something which stems from a solar, storage and home energy management system pilot launched alongside EDF two years ago dubbed Sunplug. Follow along as he lays out the blueprint for his career, and takes us all the way from his first sketch to his thriving personal brand, Spunge. Choose a career where you are empowered to change the world! And yet, thats exactly what we did.. Lightsource BP is part of an exploratory project in Australia to develop a wind- and solar-powered green hydrogen export hub of up to 1.5 GW. I Fully Converted a Home to Electricity. Then again, whenever the industry thinks the forecasted pace of change is too fast, it always ends up happening way, way faster," he said. Weve got a predominantly [Organisation for Economic Co-operation and Development]-focused footprint at the moment. articles a month for anyone to read, even non-subscribers! The companys pipeline shrank and more than 50 jobs were lost after the firm completed a reconsideration of its direction in the aftermath. That growth shows new solar parks are still coming online despite the impact of the pandemic, while a global push for clean energy is opening opportunities in more countries, according to Chief Executive Officer and founder Nick Boyle. All rights reserved. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Investments are being made by the billion, not the million. Lightsource BP, a solar developer part-owned by BP Plc , expects to add 570 employees around the world this year. Lightsource BP earlier this month struck a deal to build the largest solar farm in the US state of Louisiana to supply clean energy to McDonalds and eBay. Through its involvement in the firm, BP has been able to fling open doors that Lightsource wouldve otherwise struggled to move by an inch. It wouldve been easy to accuse BP of greenwashing. Nick Boyle, Lightsource Renewable Energy: Profile and Biography - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information,. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. The oil giant'searly forays into solar manufacturing weren't well aligned with its core business and endedin 2011. Lightsource has not used Chinese-made solar panels for years now due to the US sanctions, and is working with industry groups across its geographical portfolio to help improve the traceability of the solar supply chain. So you founded Lightsource in 2010. Global wind and solar power capacity grew at record rate in 2020, Original reporting and incisive analysis, direct from the Guardian every morning. Lightsource BP, like most, if not all, solar developers in the UK active since 2015, endured some troubled times as the Conservative axe fell on a whole range of subsidies following their election in May 2015. And theres an abundance of evidence to support Boyles argument. Lightsource BP, rebranded from Lightsource Renewable Energy in 2018, is the largest solar developer in Europe, and third largest in the world outside of China. This idea of 'build back better'is actually how you can createthe energy industry, the future, rather than just the past.. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. At the end of the day there shouldnt be a trade-off between the advantages of renewables and the disadvantages of individuals being put through hardship, he says. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. What would you like to know about Nick Boyle? We see how Bembury is able to walk the line of business convention while taking his art to new heights, turning ordinary items into extraordinary footwear. Follow along as he lays out the blueprint for his career, and takes us all the way from his first sketch to his thriving personal brand, Spunge. We already have momentum, Boyle says. BP is a more rounded company because of what solar can do, and were a more rounded company with much, much further reach because of the relationship we have with BP and all that affords us, Boyle says. BP'sSeptembercapital markets eventalso revealed more details on the extent of the company'srenewable options. Were not on the trajectory we imagined 10 years ago, but were definitely not complaining. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. EGYPS 2019 - Nick Boyle, CEO, Lightsource BP - YouTube EGYPS TV interviews Nick Boyle, CEO, Lightsource BP EGYPS TV interviews Nick Boyle, CEO, Lightsource BP. Paul McCartie, Group Chief Investment Officer. Nick Boyle invested in Better Origin on Feb 23, 2021. Nick Boyle, the founder and chief executive of solar power giant Lightsource BP, is striding through its central London headquarters speaking as quickly as he walks. From my perspective, I find it amusing that people seem to be so focused on this number, because,for us, its not a challenge.. He said BP's investment in the firm he founded was a "complete game changer" - especially since. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. What the Frack Is Happening With Natural Gas Prices? Staff numbers will almost double from fewer than 600 at the start of the year. Its time to start taxing shareholder payouts, Profits at worlds seven biggest oil firms soar to almost 150bn this year, British Museum urged to drop BP sponsor deal for Egypt exhibition, BPs joint solar venture Lightsource BP to more than double expansion by 2025. Of all the offers, BP matched up best on culture, ethos, ambition and its "understanding and belief about the potential of solar," and not anything to do with BP being British, he insisted. The word symbiosis seems to be used to describe the relationship we have with BP, and I think thats a very fair description, Boyle says. It would be completely inappropriate for us to get all the upside and them to get some greenwashing. In the year thats followed, Boyle and chief operations officer Kareen Boutonnat have insisted that it remains business as usual, but with a capital B, as Boyle puts it. Boyle says Lightsource BP has continued to flourish in such adversity as a result of always being willing to push the boundaries of what was thought possible. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. In his role as Group CEO, Nick's dynamic leadership and vision has driven the company to tremendous success and in December 2017, Lightsource announced a strategic partnership with BP. Suddenly, government-backed energy offtakers and bankable counterparties alike are keener to do business. But far be it from this to be a one-way relationship. We knew that the interest in solar and renewables was going to rise. Speaking about the appointment, Nick Boyle, Group CEO, said: "At Lightsource bp, we've always said that our strength is our people, and that is true from top to bottom. Youre not a small cog in a big wheel, youre an instrumental part of our success. The potential for Lightsource BP appears to be just as bright. Lightsource, the solar arm of the global energy major BP, is looking at as much as $8 billion (Dh29.4bn) worth of projects worldwide as it looks to deploy 10 Gigawatts of capacity by 2023, according to its chief executive. You can find out more about which cookies we are using or switch them off in settings. Lightsource BP still looks at the world in much the same way that it previously had, but now with an additional BP lense that lifts its ambitions. Nick Boyle: You make me sound very impressive. Other executives include Kevin Smith, CEO Americas; Kareen Boutonnat, CEO of Europe and International and 11 others. Nick Boyle Group CEO Nick is Global CEO and founder, starting up Lightsource Renewable Energy in 2010. Couldn't agree more Nick, also amazing that BP is the first super-major energy company to make such a commitment. Up to 2010, he spent six years in the power finance team at Investec Bank, and prior to this Paul was Assistant Director of project finance at Rolls-Royce Power Ventures, an independent power project developer based in London. Having independence in how you do things, and working with people who really enjoy what they do, are some of the best parts of working for a small (ish) company. Lightsource is routinely mentioned within BPs messaging and Boyle says this is all down to the majority of oil and gas companies realising that energy markets are changing worldwide. Dev Sanyal, BP's head of gas and low-carbon initiatives, and Lightsource BP CEO Nick Boyle discuss the past, present and future of their joint venture. Carbon Recycling: Microbes, Jet Fuel and Leggings. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis. Thats whenLightsource recognizedthat the sector was ready to industrializeand that it would need a partner to do so, which led it to approach the investment bank Rothschild. And the relationship between BP and Lightsource has however gone further, and is now more symbiotic than anything else. Nick Boyle's income source is mostly from being a successful Player. As we add more countries, and therefore a higher percentage of non-OECD [geographies], our assumption is that those average returns will actually go up, said Boyle. Nick Boyle founded Lightsource Renewable Energy in 2010 with five employees and a solar farm in Truro, Cornwall. Boyle was drawn to the solar industry from a background in retail financial services, selling a little bit to a lot of people, because he recognised solar powers long-term predictable returns as the Holy Grail of small volume investments. In 2017, oil major BP took a 43 percent stake, which has since been converted into a full 50-50 joint venture. [citation needed], In 2019, BP increased its stake in Lightsource BP to 50%. Nick Boyle's net worth is currently estimated at $7 million. Deployment ramped up quickly, and between 2014 and 2016, the U.K. was the largest end market in Europe, overtakingGermany. [citation needed], In 2018, Lightsource BP formed EverSource Capital, a partnership with Everstone Group to create a major fund management platform for green energy infrastructure in India. Where Will DOEs Loan Program Make the Next Climate Tech Investments? This website uses cookies so that we can provide you with the best user experience possible. Boyle is straightforward in his assertion that the two letters at the end of the name make Lightsource BP a sexier proposition than before. At 28 years old, Nick Boyle height is 193 cm and Weight 122 kg. Heres How It Worked and What It Cost, Congress Passes Spending Bill With Solar, Wind Tax Credit Extensions and Energy R&D Package, Global solar PV operations & maintenance (O&M) 2020. [7], In 2022 Lightsource BP raised $A540 million to develop two new zero emission projects in the Australian states of New South Wales and Victoria. It plans to increase the capacity up to 8,000MW through projects in the Americas, India, Europe and the Middle East. (Credit: BP). Paul co-founded the company in 2010. Lightsource BP Founder: Nick Boyle How about Lightsource BP's number_of_employe? He started his career in 2015. It is less than a year since the oil corporation BP, the ventures joint-owner, thrust it into the spotlight by unveiling plans to grow its renewable energy generation 20-fold within this decade. The one concern I dont have is a poverty of options., The pace of the energy transitions prospects hasbeen accelerated by COVID," he added. BP's joint solar venture Lightsource BP, founded by Co Antrim man Nick Boyle, plans to more than double its global expansion by 2025 after clinching a financing deal worth $1.8bn (1.3bn) to develop enough solar farms to power the equivalent of 8.4 million homes. Theres no slowing down solar, he says. Lightsource BPs initial goal was to use the oil giants financial muscle to grow a 1.6 gigawatt pipeline of solar projects to a portfolio of 10GW of solar investments by 2023. Nicks dynamic leadership and vision continues to drive the companys remarkable growth and international reach, growing from 5 to 20 markets since the bp partnership was inked, and now surpassing 1000 team members around the world. But BPs Sanyal told GTM it never lost its interest in solar. Boyle insists that it is therefore common sense that O&G firms are getting involved in solar, describing it as a natural progression for the organisations. From that initial conversation, everything sort of snowballed and took on a life of its own. The current position, the cost efficiency of subsidy-free solar, the competitiveness with fossil fuels, the stability of the market Not many people saw this coming! The UKs supply market is richly competitive handfuls of Ofgem licensees have gone bust in recent weeks and not even innogy can make head nor tail of it but new, digital-minded entrants have found success in a market desperately in need of innovation. It consists of more than 5,000panels that can generate enough electricity to supply 430homes in the area. The company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. Solar developer expects to take on 570 new employees this year, Its moving into markets such as South Korea and New Zealand, Photographer: Mike Plonsky/Lightsource BP. [button target=blank link=https://careers.lightsourcebp.com]Search careers at Lightsource bp[/button]. We didnt sit back and plan to deliver 10GW; we realised at some point the question would be asked: Have you got the capability to do more? Boyle says. During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. You can directly influence, create and achieve things here, its what makes us different. Jobs Number of Current Jobs 1 Nick Boyle is the Founder and CEO at Lightsource Renewable Energy. Theres nothing like an unfair advantage. Joined 2010, UK I co-founded Lightsource in 2010, and the whole thing came about almost completely by accident. Our industry-leading 25GW by 2025 target and the finance package are further proof that Lightsource has left business as usual far behind., Get the day's headlines delivered directly to your inbox, Watch for the April 5 investment tax change, Preparing for a future sale of your business, Mediterranean countries push for more solidarity in migrant crisis, Donaldson: DUP won't be knocked off course by rhetoric over Framework. Jake O'Kane: Is the DUP really going to sink the Assembly and reject the Windsor Framework? Lightsource is Europe's largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects. From small beginnings, the company has gone on to big things, now with activities in 14 countries. Staff numbers will almost double from fewer than 600 at the start of the year. Its an advantage that other solar developers are simply not privy to, but one Boyle is not shy about taking up. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. With an Energy Crisis Brewing, No Peak in Sight for Emissions, Why TransitTech Is So Vital to Struggling Public Transportation Systems. 2023 Lightsource. John Parnell December 01, 2020 X To reinforce that it wasnt a one-trick pony, as heput it, Lightsourceexpanded to the U.S. and Indiaand found that the fundamentals of land, grid, permitting and planning held true. Nick founded Lightsource in 2010 as just a six-person start-up. It also has a 1.1 GW onshore wind portfolio in the U.S. But Boutonnat insists the firm has no such ambitions, with Lightsource BP considering it more rewarding to go worldwide with what they do now than to go deeper in any one jurisdiction. Boyle has said on the record that Lightsource BP is already hitting 8 to10 percent as a global average. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. Lightsource group CEO and founder Nick Boyle said: "We founded Lightsource to lead the solar revolution and chose to partner with BP because, like us, their ambition is to build and grow this company for the long-term. This investment - Seed Round - Better Origin - was valued at $3M. Why would we go to a market where BP arent, when we could go to a similar where they are, and get afforded all of that extra support, Boyle says. I already had experience in renewables in Europe, and it was clear to me that there was a great opportunity and a lot of potential in the proposition in the UK. We are using cookies to give you the best experience on our website. [3] In 2011, the company's first solar park was established in Truro. At the company'sSeptembercapital markets event, Sanyal presented a slide demonstrating how BP planned to get 8 to10 percent returns from low-carbon electricity of all forms. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. But for now, Lightsource BP makes up 83 percent of its 20 GWdevelopment pipeline, withanother 21 GW of what it calls early-stage options.Sanyal said he expectsthe initial 20 GW target for 2025 to be largely serviced by solar,with more diversification coming for the 50 GW goal set for 2030.
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