The fact that we are able to deliver with confidence allows BP to believe that their early 2025 [interim target] is actually doable predominantly through solar, and thats important to them.. . 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. Nick previously sat at Board and Senior Director level in a number of leading retail financial service companies. We know that the sun will come up and the sun will go down so were essentially creating an annuity of very predictable generation multiplied by a fixed price that has already been agreed with some of the largest companies in the world.. View the executive profile of Nick Boyle, Group Chief Executive Officer at Lightsource Renewable Energy, on Equilar BoardEdge to see current and past work history and gain access to Nick Boyle's network of 5 business contacts. We are using cookies to give you the best experience on our website. "The target is 10GW by 2023," Nick Boyle told The National in an interview in Abu Dhabi. During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. 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. But it also sees the complementarity coming through from onshore and offshore wind, he said. [citation needed], In 2019, BP increased its stake in Lightsource BP to 50%. I Fully Converted a Home to Electricity. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. Check out Lightsource BP's net worth in US Dollar Aug, 2022. . Thats the cycle in this industry.. partnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. 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. 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. 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. [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. All rights reserved. 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. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. Lightsource BP, a solar developer part-owned by BP Plc , expects to add 570 employees around the world this year. So absolutely it shaped our thinking;it shaped our approach. Boyle and the entire Lightsource team hasbeen generous in sharing their perspective on the energy transition, he added. 2023 Lightsource. 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. He is a member of Lightsource bps investment committee and a board director. Throughout his career, Nick has always been recognised for his entrepreneurial skill and success in pairing retail financial products with low-risk, predictable investments. Paul co-founded the company in 2010. And yet, thats exactly what we did.. BP has evidently lit something of a fire under Lightsources global ambitions, but not at least not yet given the firm aspirations of a more entrenched role in the energy market. 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. The Grid Edge comprises technologies, solutions and business models advancing the transition toward a decentralized, distributed and transactive electric grid. 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. Within 45 minutes at Lightsource BPs Holborn office, the same home its had for four years now, the impact BPs presence and position in the company has had is evident. Nick previously sat at Board and Senior Director level in several leading retail financial service companies. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. Claire Skinner: You are terribly impressive. 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. Lightsource BP, a solar developer part-owned by BP Plc, expects to add 570 employees around the world this year. [citation needed] Also in 2018, the company formed a joint venture Lightsource BP Powered by Hassan Allam Utilities in Egypt with HA Utilities, the utilities subsidiary of Hassan Allam Holding. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. [6] The company was accordingly renamed Lightsource BP. It wouldve been easy to accuse BP of greenwashing. 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! Will His AI Plans Be Any Different? 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. 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. Musk Made a Mess at Twitter. What the Frack Is Happening With Natural Gas Prices? The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. The performance of Lightsource BP's solar projects helped embolden BP's net-zero plans. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. It takes a lot of energy. 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. Europe, Menlo Park, China), This describes the type of investor the person is (e.g. The oil giant'searly forays into solar manufacturing weren't well aligned with its core business and endedin 2011. With an Energy Crisis Brewing, No Peak in Sight for Emissions, Why TransitTech Is So Vital to Struggling Public Transportation Systems. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". 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. Boyle puts these achievements not just to thinking outside of the box, but by industrialising and introducing real business systems, controls and processes to what was essentially a cottage industry when he founded the business in 2010. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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Nick Boyle Group CEO Nick is Global CEO and founder, starting up Lightsource Renewable Energy in 2010. 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. 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 also plans to build an extra 9GW of solar farms exclusively for the oil corporation as part of BP's plan to grow its renewable energy capacity 20 fold by the end of the decade. As well as Lightsources facilities, BP also plans to finance its own solar farms which the solar venture will develop and run as a gun for hire. BPs interest in Lightsource first crystallised within an external funding opportunity which was led by Rothschilds. And theres an abundance of evidence to support Boyles argument. He says BP has been a breath of fresh air and has brought to the table other elements that the company may have previously lacked. Rebranded as Lightsource BP, the company has committed to aggressively accelerate the low carbon transition, and this powerhouse partnership is set to shape . More recently, its projects have been performing at the top end of that range, he said. 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. Among those strategic firms were BP and another oil and gas giant, with BP eventually coming out victorious. The company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. Staff numbers will almost double from fewer than 600 at the start of the year. 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. In the future, demand for solar electricity will be fuelled by two things: the boom in low-cost batteries that mean solar can be used at any time, and the desire to produce green hydrogen made from renewable electricity and water which will mean solar will effectively be used anywhere from sea to train to plane. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. You can find out more about which cookies we are using or switch them off in settings. Through its involvement in the firm, BP has been able to fling open doors that Lightsource wouldve otherwise struggled to move by an inch. Where Will DOEs Loan Program Make the Next Climate Tech Investments? TE Nick Boyle earned $25,785,075 in his NFL career. [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. Today were building projects in the U.K. andselling the electricity for 0.04. 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. This is always an amusing one for me, Boyle says. 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. The potential for Lightsource BP appears to be just as bright. He started his career in 2015. 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. After what he calleda period of strategic introspection, which included scrutinizing35 companies,BPmade itsinitial $200 million investment in Lightsource in 2017, creating Lightsource BP. Boyle is straightforward in his assertion that the two letters at the end of the name make Lightsource BP a sexier proposition than before. In 2017, oil major BP took a 43 percent stake, which has since been converted into a full 50-50 joint venture. Nick Boyle: You make me sound very impressive. Joined 2010, UK I co-founded Lightsource in 2010, and the whole thing came about almost completely by accident. Nick Boyle contract and salary cap details, including signing bonus, guaranteed salary, dead money, roster bonuses, and contract history. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. This itself is causing something of a headache for the firms HR team, one thats been somewhat exacerbated by the level of interest the company is now generating from would-be hires. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. It might not be perfect in every case its not trying to be its trying to be part of the mix, he says. In 10 years, Lightsource bp (LSbp) has gone from feisty start-up to shining light on the solar scene. Nick Boyle, Lightsource Renewable Energy: Profile and Biography - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information,. Since then BP has brought in a new CEO, Bernard Looney, and discovered a renewed appetite for renewable energy. We are using cookies to give you the best experience on our website. Lightsource bp Renewable Energy Investments Limited. 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. EGYPS 2019 - Nick Boyle, CEO, Lightsource BP - YouTube EGYPS TV interviews Nick Boyle, CEO, Lightsource BP EGYPS TV interviews Nick Boyle, CEO, Lightsource BP. Within seven years Boyle had grown the company to a team of 300, with solar farms in Ireland, Netherlands, India and the US catching the eye of major players hoping to buy into the solar boom. It worked. 2023 Greentech Media or its affiliated companies. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. Staff numbers will almost double from fewer than 600 at the start of the year. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Other executives include Kevin Smith, CEO Americas; Kareen Boutonnat, CEO of Europe and International and 11 others. Procurement agreement with US-based manufacturer. 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. 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. In 2017, BP acquired a 43% stake in the company by investing $200million. BP'sSeptembercapital markets eventalso revealed more details on the extent of the company'srenewable options. This is about, from a business perspective, both of us winning. His main and rather the only source of income is a professional career as an American football tight end which brings him great profits. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. 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 is Europe's largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. In truth, as Lightsource BP chief exec Nick Boyle tells Current, the deal was agreed a few weeks previous, but the 12 months (and two weeks) since 15 December 2017 have been nothing short of transformative for the company. Then again, whenever the industry thinks the forecasted pace of change is too fast, it always ends up happening way, way faster," he said. Boutonnat is perhaps a little more nuanced in her argument that its BPs globalisation that brings people to the seventh floor at 33 Holborn, and the sense that, in pursuing markets where subsidies are not granted or required, Lightsource is more in charge of its own destiny than it was before. He is not dating anyone. 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. On this Wikipedia the language links are at the top of the page across from the article title. The former financial services executive founded the company, then known as Lightsource Renewable Energy, at the end of 2010 with five employees and a solar farm in Truro, Cornwall, capable of generating enough electricity to power 430 homes. 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 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. Back in 2010, I couldnt have imagined the solar industry we find ourselves in now. Lightsource quickly became the largest developer in the country and then the continent. If we compare what BP is like to what our previous [funders] were like, there is no comparison. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. It was at the end of 2017 that the oil giants acquisition of 43% of the company, now rebranded as Lightsource BP, was agreed. 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. 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. Within five years, Lightsource became Europe's largest solar player and operator. It consists of more than 5,000panels that can generate enough electricity to supply 430homes in the area. As I look at the second half of the decade, we will still see massive growth in solar. Global wind and solar power capacity grew at record rate in 2020, Original reporting and incisive analysis, direct from the Guardian every morning. It all began at the end of 2010, when Lightsource Renewable Energy set up shop with six people crammed into a tiny corner of a London office. 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. Watch the CIBC video featuring our Global CEO, Nick Boyle, on how we're helping fight climate change through responsible development of solar energy projects. Were not on the trajectory we imagined 10 years ago, but were definitely not complaining. But BPs Sanyal told GTM it never lost its interest in solar. It takes a lot of energy. Ask the dentist: Why can some people not cope with the word 'fat'? In answering a question aboutthat 8 to10percent figure duringitsQ2 investor call,CFO Murray Auchincloss told investors that BPthought it could get low-carbon returns well into the double-digit [percentage] range, althoughit wasnt ready to promise as much right now. It has also agreed a deal to supply electricity to Amazon from an existing solar farm in Ohio, and to supply power to BP service stations from solar farms in New South Wales, Australia. 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. Ongoing US sanctions against Chinas solar supply chain threaten to raise costs, and slow the pace of the industry globally. Mary Louise Kelly's income source is mostly from being a successful Novelist. In 2010 the British solar developer Lightsource was formed. 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. Deployment ramped up quickly, and between 2014 and 2016, the U.K. was the largest end market in Europe, overtakingGermany. The firm has bioenergy interests via its BP Bunge JV, as well asa new partnership with Equinor focusing on offshore wind in theU.S. at presentand internationally in the years to come. 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. announced a strategic partnership with BP which has committed aggressively to accelerate the low carbon transition. In 2010, Nick founded Lightsource Renewable Energy, then just a six-person start-up, which quickly grew over 5 . The company was founded in 2010 as Lightsource Renewable Energy. The project comprises 200,000 LONGi Solar photovoltaic panels ground-mounted across 240 acres (97 ha). Nick founded Lightsource in 2010 as just a six-person start-up. 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. 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. Yes, the market for energy worldwide is growing, but electricity as a subset is outpacing that in terms of its percentage. The company began with just six team members and rapidly grew to become one of Europe's leading solar developers and operators in just five years. 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. For a company that has extensive experience in developing, managing and operating huge amounts of renewable power generation, coupled with an R&D arm developing new domestic energy management systems and, now, the backing of a major utility, its perhaps an easy assumption to make that Lightsource BP might have vertical integration on its mind. [8], As of 2018, Lightsource BP has commissioned 1,300MW of solar capacity and manages about 2,000MW of solar capacity. The numbers illustrate the point rather well. 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. 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. Lightsource sought external investment to ramp up its growth expectations, and Rothschilds returned with 14 interested parties separated into two lists; investors, and so-called strategics. [citation needed]. Green hydrogen is the perfect example of this. This idea of 'build back better'is actually how you can createthe energy industry, the future, rather than just the past.. 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. It would be completely inappropriate for us to get all the upside and them to get some greenwashing. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. Boyle said the companyreceived 14 bids,seven of themfrom oil and gas companies. 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. Lightsource bp Global CEO Nick Boyle speaks about the company's ambitious new target, and how they plan to achieve 25GW by 2025.----- Learn more about u. Sodid BPs experience with Lightsource BP help it to formulate that strategy? It takes a lot of energy for one man to make a sprawling office emptied by Covid-19 feel alive, but the Irishman has more than enough for the job. 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. [3] In 2011, the company's first solar park was established in Truro. [button target=blank link=https://careers.lightsourcebp.com]Search careers at Lightsource bp[/button]. Lightsources first projects back in 2010 were paid 0.33 per kilowatt-hour ($0.45)by the governmentfor a contract period of 25 years, indexed to the inflation rate, plus around 0.04 for the electricity itself. 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. In the past year Lightsource BPs headcount has risen by around 20%, and theres still at the time of writing another 64 vacancies to fill. 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?
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