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. From that initial conversation, everything sort of snowballed and took on a life of its own. The project comprises 200,000LONGi Solar photovoltaic panels ground-mounted across 240 acres (97ha). And fresh business brings fresh growth. The current team he plays for is Baltimore Ravens (january 2022). We've moved from a cottage industry into an industrialized generator of what is globally, today, the cheapest form of electricity generation, said Boyle. 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. 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. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. 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! [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. 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. Youre not a small cog in a big wheel, youre an instrumental part of our success. Boyle has said on the record that Lightsource BP is already hitting 8 to10 percent as a global average. This idea of 'build back better'is actually how you can createthe energy industry, the future, rather than just the past.. You wake up every morning with a list to achieve, and its all good stuff, things that drive the business forward, things that make a measurable difference. But far be it from this to be a one-way relationship. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. The numbers illustrate the point rather well. 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. [8], As of 2018, Lightsource BP has commissioned 1,300MW of solar capacity and manages about 2,000MW of solar capacity. But it also sees the complementarity coming through from onshore and offshore wind, he said. 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. Other executives include Kevin Smith, CEO Americas; Kareen Boutonnat, CEO of Europe and International and 11 others. The stellar-growth operation had initially set a target to develop arrays of panels with a total capacity of 10 gigawatts by 2023, enough for almost 3.4 million homes. 2023 Lightsource. 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. Carbon Recycling: Microbes, Jet Fuel and Leggings. 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. Sodid BPs experience with Lightsource BP help it to formulate that strategy? Joined 2010, UK I co-founded Lightsource in 2010, and the whole thing came about almost completely by accident. Nick Boyle Net Worth Thats the cycle in this industry.. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. Floating solar, bifacial modules and the central versus string inverters debate sit on Lightsource BPs immediate R&D list at the moment. Personally, I find that half of the fun of my role is all that there is to do. 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. . BP is evidently opening doors not just in new markets but, as Boyle puts it, those two letters on the end of the name just completely change the way individuals read what theyre doing. ick Boyle, the founder and chief executive of solar power giant Lightsource, IfBPs change of heart isnt a U-turn, its certainly a major detour, BPscales back climate goals as profits more than double to 23bn, BPcriticised over plan to spend billions more on fossil fuels than green energy, Donate wartime profits to Ukraine or pay windfall tax, MPs tell BP, BPshares in Kremlin oil firm are blood money, says Zelenskiy adviser, BPdeclines to reveal how much loophole saved it in windfall tax, Calls for extension of windfall tax as BP posts eye-watering profits, BPdeclares 7bn profits while energy bills soar? 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. But not even in my wildest dreams would I have assumed that it was going to rise at the pace that it has, Boyle says. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. Following the completion of the transaction, the company will be renamed Lightsource BP. [5], In 2016, Lightsource completed the Crookedstone Solar Farm, in Antrim, Northern Ireland, which provides a third of the Belfast International Airport's electricity needs.[1]. BPs interest in Lightsource first crystallised within an external funding opportunity which was led by Rothschilds. 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. He started his career in 2015. If we're going to meet the commitments of the Paris Agreement, business as usual isn't going to cut it. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. The company began with just six team members and rapidly grew to become one of Europes leading solar developers and operators in just five years. Free intelligence and insights from industry experts and leading companies on the global energy transformation. This confidence is also important to BPs shareholders, many of whom remain sceptical that the financial returns from renewable energy can compete with the cash generated from barrels of crude. Learn how and when to remove this template message, National Investment and Infrastructure Fund, "Solar farm to provide third of Belfast International Airport's power", "BP returns to solar with investment in Lightsource", "Shiny panels and a sure thing, Nick's story", "Bentley, Lightsource in Rooftop Solar Power Project", "Europe's largest floating solar farm powers up", "BP Re-Enters Solar Power Market With $200 Million U.K. Deal", "Lightsource BP to accelerate global solar growth with further investment from BP", "Lightsource bp secures $540m funding for solar developments", https://en.wikipedia.org/w/index.php?title=Lightsource_BP&oldid=1129683911, Renewable resource companies established in 2010, Articles needing additional references from November 2020, All articles needing additional references, Articles with unsourced statements from December 2017, Articles with unsourced statements from September 2020, Creative Commons Attribution-ShareAlike License 3.0, Development and operation of solar power farms, This page was last edited on 26 December 2022, at 17:05. Nick Boyle founded Lightsource Renewable Energy in 2010 with five employees and a solar farm in Truro, Cornwall. Nick Boyle invested in Better Origin on Feb 23, 2021. 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. We have estimated Nick Boyle's net worth , money, salary, income, and assets. [citation needed] In 2013, Lightsource completed a 5MW rooftop solar PV installation at Bentley Motors' factory in Crewe. In 10 years, Lightsource bp (LSbp) has gone from feisty start-up to shining light on the solar scene. 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. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. 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. We are using cookies to give you the best experience on our website. And yet, thats exactly what we did.. He said BP's investment in the firm he founded was a "complete game changer" - especially since. It was a deal that helped make Lightsource one of the fastest growing solar companies in the world, and provided BP with the clean-energy testbed it needed to propose one of the greatest transformation plans in corporate history. He is not dating anyone. Where Will DOE's Loan Program Make the Next Climate Tech Investments? As I look at the second half of the decade, we will still see massive growth in solar. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". Jobs Number of Current Jobs 1 Nick Boyle is the Founder and CEO at Lightsource Renewable Energy. Lightsource BP won the offtake contract through a 450MW tender process. BP'sSeptembercapital markets eventalso revealed more details on the extent of the company'srenewable options. 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. [1][2] Lightsource BP is a British company with headquarters in London, and offices in Madrid, Milan, Athens, San Francisco, Philadelphia, Mumbai, New Delhi, Cairo, Melbourne, Amsterdam, Bath, Belfast and Dublin. John Parnell December 01, 2020 X 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Solar energy is expected to play a crucial role in helping BP meet its 2030 renewable energy target because solar farms can be rolled out far quicker than its plans to build offshore wind farms by the second half of the decade. In that year, Lightsource BP also signed a 25-year power purchase and asset acquisition agreement with Mid-Kansas Electric Company in Stanton County, Kansas, United States. Lightsource Renewable Energy Founder and CEO Feb 2010 Related Hubs Recent News and Activity Number of News Articles 2 2023 Lightsource. Where Will DOEs Loan Program Make the Next Climate Tech Investments? He is a member of Lightsource bps investment committee and a board director. Shoe designer and creative Salehe Bembury takes us on a journey from his childhood growing up in Manhattan, to an invaluable degree in industrial design, to working with some of the biggest names in fashionbefore breaking off to make his own name. Suddenly, government-backed energy offtakers and bankable counterparties alike are keener to do business. Boyle, predictably, doesnt buy the greenwashing argument, but has good reason not to. 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. 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. 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. 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. Nick, welcome, and thank you for taking the time to speak to us today. With Lightsource now a decade oldand its partnership with BPinits fourth year,Lightsource BP CEO Nick Boyle and Dev Sanyal,BPs EVP for gas and low-carbon energy,spoke to GTM about their progress thus far and what the next 10years may hold. Investments are being made by the billion, not the million. Since last December operations have been opened in Egypt and Brazil amongst others, and the company is now active in 11 jurisdictions worldwide. Lightsource's search coincided with BP's hunt for a solar developer to partner with. In 2010 the British solar developer Lightsource was formed. I remember speaking at one of your [Current publisher Solar Media] conferences in 2011 and I stood up and announced that Lightsource was going to do 300MW, and there wasnt anyone in the room that wasnt on the floor laughing.