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BP and Lightsource Collaborate on Solar Power Development
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BP plc (BP - Free Report) has formed a strategic partnership with Lightsource to enable solar development and management. The collaboration is expected to drive the company’s rapid global expansion.
On completion of the $200-million transaction, BP will obtain a 43% stake in Lightsource. The amount will be paid over a period of three years and used to fund Lightsource’s expansion. The new company will be called Lightsource BP, wherein BP will have two seats on the board of directors.
Post completion of the agreement, by early 2018, BP will pay Lightsource $50 million. The balance will be paid in installments over three years.
Solar Energy Outlook
Over the past four years, the global installed solar generating capacity has more than tripled. Per BP’s Statistical Review of World Energy, the capacity has risen more than 30%. BP’s Energy Outlook analysis expects solar to produce about one third of the world’s total renewable power and around 10% of total global power by 2035.
Lightsource Acquistion to Boost Value
BP already has interests in Alternative Energy business which includes wind energy, biofuels and bio power. The recent acquisition by BP will complement existing business. BP Wind Energy has a total gross generating capacity of 2.3 gigawatt (GW), with interests in onshore wind energy across the United States. BP Biofuels has world scale plants in Brazil, which generates about 800 million litres of ethanol equivalent annually and produces low-carbon power for Brazil’s national grid.
About Lightsource
Lightsource, is a global leader in the development, acquisition and long-term management of large-scale solar projects and smart energy solutions worldwide. The company has evolved immensely in the past seven years and has become Europe’s largest developer and operator of utility-scale solar projects.
To date, the company has commissioned 1.3 GW of solar capacity and controls about 2GW of capacity under long-term operations and maintenance contracts. The contracts under supervision are equivalent to generating clean energy for over half a million homes.
About Lightsource BP
Lightsource BP plans to meet the growing demand for large-scale solar projects. The rebranded company’s emphasis will be on grid-connected plants and corporate power purchase agreements (PPAs) signed with private companies. Lightsource’s backlog which comprises growth projects of electricity generating capacity of about 6 gw will be focused by Lighsource BP. The project’s are mainly concentrated in the United States, India, Europe and the Middle East.
Lightsource BP plans to create additional value by integrating solar with BP’s businesses worldwide and trading capabilities as well as through BP’s international scale and relationships.
Price Performance
Shares of BP have gained 9.9% compared with the industry’s growth of 6.8% in the last three months.
Zacks Rank & Other Picks
BP currently carries a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy sector include Holly Energy Partners, LP , SunCoke Energy Inc (SXC - Free Report) and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Holly Energy Partners, owner and operator of refined product pipelines and terminals, delivered an average positive earnings surprise of 57.14% in the preceding quarter.
SunCoke Energy produces metallurgical coke in the United States. The company delivered an average positive earnings surprise of 113.52% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. It delivered an average positive earnings surprise of 175.00% in the last four quarters.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
BP and Lightsource Collaborate on Solar Power Development
BP plc (BP - Free Report) has formed a strategic partnership with Lightsource to enable solar development and management. The collaboration is expected to drive the company’s rapid global expansion.
On completion of the $200-million transaction, BP will obtain a 43% stake in Lightsource. The amount will be paid over a period of three years and used to fund Lightsource’s expansion. The new company will be called Lightsource BP, wherein BP will have two seats on the board of directors.
Post completion of the agreement, by early 2018, BP will pay Lightsource $50 million. The balance will be paid in installments over three years.
Solar Energy Outlook
Over the past four years, the global installed solar generating capacity has more than tripled. Per BP’s Statistical Review of World Energy, the capacity has risen more than 30%. BP’s Energy Outlook analysis expects solar to produce about one third of the world’s total renewable power and around 10% of total global power by 2035.
Lightsource Acquistion to Boost Value
BP already has interests in Alternative Energy business which includes wind energy, biofuels and bio power. The recent acquisition by BP will complement existing business. BP Wind Energy has a total gross generating capacity of 2.3 gigawatt (GW), with interests in onshore wind energy across the United States. BP Biofuels has world scale plants in Brazil, which generates about 800 million litres of ethanol equivalent annually and produces low-carbon power for Brazil’s national grid.
About Lightsource
Lightsource, is a global leader in the development, acquisition and long-term management of large-scale solar projects and smart energy solutions worldwide. The company has evolved immensely in the past seven years and has become Europe’s largest developer and operator of utility-scale solar projects.
To date, the company has commissioned 1.3 GW of solar capacity and controls about 2GW of capacity under long-term operations and maintenance contracts. The contracts under supervision are equivalent to generating clean energy for over half a million homes.
About Lightsource BP
Lightsource BP plans to meet the growing demand for large-scale solar projects. The rebranded company’s emphasis will be on grid-connected plants and corporate power purchase agreements (PPAs) signed with private companies. Lightsource’s backlog which comprises growth projects of electricity generating capacity of about 6 gw will be focused by Lighsource BP. The project’s are mainly concentrated in the United States, India, Europe and the Middle East.
Lightsource BP plans to create additional value by integrating solar with BP’s businesses worldwide and trading capabilities as well as through BP’s international scale and relationships.
Price Performance
Shares of BP have gained 9.9% compared with the industry’s growth of 6.8% in the last three months.
Zacks Rank & Other Picks
BP currently carries a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy sector include Holly Energy Partners, LP , SunCoke Energy Inc (SXC - Free Report) and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Holly Energy Partners, owner and operator of refined product pipelines and terminals, delivered an average positive earnings surprise of 57.14% in the preceding quarter.
SunCoke Energy produces metallurgical coke in the United States. The company delivered an average positive earnings surprise of 113.52% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. It delivered an average positive earnings surprise of 175.00% in the last four quarters.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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