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Lightsource bp Sells 1,037 MW Solar Portfolio to Beijing Energy Australia for AUD 813M

Lightsource bp's foray into the Australian market in 2018 has seen remarkable growth, with the company developing and financing more than 1 GW of projects.

December 18, 2023. By Abha Rustagi

Lightsource bp has announced the sale of five utility-scale solar photovoltaic (PV) projects to Beijing Energy International Australia (BJEI Australia). The equity value of this transaction amounts to AUD 813 million, encompassing a 1,037 MWdc solar portfolio.

Among these projects, Wellington, West Wyalong, and Woolooga are already operational, while Wellington North and Wunghnu are expected to be operational in the second half of 2024.

The strategically located projects span across New South Wales, Queensland, and Victoria in Australia, collectively anticipated to generate approximately 2,230 GWh of clean energy annually. This production is equivalent to powering more than 380,000 households, with the added benefit of avoiding over 1,695,000 metric tons of CO2 emissions.

Lightsource bp's foray into the Australian market in 2018 has seen remarkable growth, with the company developing and financing more than 1 GW of projects. The current portfolio of projects under development exceeds 7.5 GW, supported by a local team that has expanded to over 50 professionals in less than five years.

Adam Pegg, Managing Director of Lightsource bp APAC, expressed pride in the company's ability to navigate challenges within the renewable industry. He stated, “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."

The proceeds from the sale will be strategically reinvested to accelerate the development of Lightsource bp's pipeline across the Asia-Pacific (APAC) region. This includes advancing projects in New Zealand, Taiwan, and South Korea.

As Lightsource bp continues to advance its solar and battery storage portfolio, exceeding 7.5 GW across Australia and New Zealand, the company is also exploring additional investment opportunities in the renewable energy sector. This includes ventures into wind energy, battery storage, and integration with green hydrogen production.

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Beijing Energy International Australia