Petrobras Poised to Sign Off on Deal for BP Brazil Solar Stake
Summarize this article with:
Petrobras SA plans to buy a stake in the Brazilian unit of BP Plc’s solar and battery arm Lightsource in the first renewable energy deal for the state-controlled oil producer, people familiar with the matter said.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Petrobras SA plans to buy a stake in the Brazilian unit of BP Plc’s solar and battery arm Lightsource in the first renewable energy deal for the state-controlled oil producer, people familiar with the matter said. Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Petroleo Brasileiro SA, as the company is formally known, has been mulling entering renewable energy sources such as ethanol, biodiesel, biomethane and solar as a minority partner, according to its five-year spending plan released in November.
Chief Executive Officer Magda Chambriard said earlier this month the company would have an energy transition project approved by the end of 2025, without providing details.Petrobras’ board approved the plan to buy 49.9% of Lightsource bp Brasil in a Tuesday meeting, said the people, who asked not be identified discussing non-public information. A BP spokesperson declined to comment. Petrobras didn’t immediately respond to a request for comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.The deal comes as BP seeks partners for Lightsource, with the London-based energy giant refocusing on oil and natural gas after years of failed low-carbon bets.BP first bought into Lightsource in 2017, paying $200 million for a 43% stake, and eventually agreed to take full ownership in 2023.Lightsource develops, finances and operates solar projects across more than a dozen countries, with a growing focus on utility-scale battery storage. Even though the unit has been a key part of BP’s diversification into renewables, it remains a relatively small contributor to overall earnings compared to oil and gas operations.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2025 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.