Petrobras enters Brazil's solar energy sector with deal for Lightsource bp subsidiary Lightsource Bp 49.99%

The state-owned oil company of Brazil, Petrobras, has signed a deal with Lightsource bp to purchase 49.99%?of its subsidiaries in the country.

The partnership will be structured in a 'joint venture' and aligned with the Brazilian company's 2026-2030 plan for diversifying its portfolio.

The agreement did not disclose any financial details.

Lightsource bp is a British 'oil company' that has a pipeline of between 1 - 1.5 gigawatts at advanced stages of development. It also has other projects in Brazil which are less mature.

In a statement, CEO Magda chambriard stated that "this partnership represents a significant advance in the company’s trajectory toward a just energy transformation and adds to renewable generation projects currently being implemented by Petrobras."

The companies said that the completion of the transaction was still "subject to regulatory clearances".

They said that the new joint venture would aim to develop profitable renewable projects and increase the presence of both companies among the major players in the Brazilian renewable sector. (Reporting and Editing by Natalia Siniawski, Fernando Cardoso)

(source: Reuters)