Petrobras partners with bp’s Lightsource renewables company in Brazil

Petróleo Brasileiro SA (Petrobras) has agreed to acquire interest in Lightsource bp in Brazil, a bp plc company focused on development, construction, and operation of large-scale onshore renewable energy and energy storage projects.

Petrobras will acquire 49.99% of Lightsource bp's subsidiaries in Brazil through a partnership structured as a joint venture, with shared management between Petrobras and Lightsource bp.

Lightsource bp will contribute to the joint venture its pipeline, which includes 1-1.5 Gw of projects in more advanced stages of development, as well as less mature projects in Brazil, together with the Milagres solar park in Abaiara, in Ceará, which has been in operation since 2023 with 212 Megawatt-peak (Mwp) of installed capacity.

The Milagres complex comprises five photovoltaic plants and occupies a total area of ​​387 hectares. It began commercial operation in December 2023 and is connected to the National Interconnected System (SIN), injecting energy through the sectioning of an existing 230 kilovolt (kV) transmission line, owned by Brazilian electric utility Chesf, which connects the Milagres and Bom Nome substations.

Petrobras said the deal is a “significant and strategic step into the solar power generation segment,” expanding the company’s presence in the renewable energy market in Brazil, and reinforcing its commitment to diversifying its portfolio and building a more sustainable future.

Closing of the deal is subject to applicable approvals, including from regulators.

While no deal value was disclosed, Petrobras said “at this stage, the transaction value is not materially significant.”