Lightsource bp expanding into Asian solar markets as 25GW plans progress

Lightsource bp is eyeing solar opportunities throughout Asian markets as it progresses towards its target of deploying 25GW of solar PV by 2025.

Late year the developer, 50% owned by oil and gas major bp, increased its PV deployment target to 25GW by 2025 – a significant increase from the previous target of 10GW by 2023 – after securing a US$1.8 billion financing facility from 10 major banks.

While the London-headquartered solar developer expects Western Europe, the US, Brazil and Australia to play major roles in contributing towards that deployment target, chief executive Nick Boyle said in an interview that the company is to target a wider set of geographies throughout 2022 in pursuit of that aim.

Asian solar markets, including the likes of Taiwan, Vietnam, Singapore and Korea, are to form part of that wider set, with Lightsource bp having moved to establish offices and recruit into those jurisdictions.

“We’ve just opened an office in Taiwan, and the likes of Vietnam and Korea will be next. We’ve opened an office in Singapore and we’ve recruited our first three people into Singapore, as the hub to run that Asian operation,” Boyle said.

Recruitment is ongoing throughout APAC markets and a team in China has also been assembled, however these are in operational roles, rather than project development.

Lightsource bp expects to unveil its first projects in the region in the coming weeks.

Asian solar markets, particularly Vietnam, have been some of the world’s most prolific in recent years despite hurdles such as land scarcity, prompting other renewables developers to enter the region. Earlier today the renewables arm of Portuguese utility EDP revealed plans to invest S$10 billion (US$7.4 billion) in the region after completing its acquisition of Singapore-based developer Sunseap.

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