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. 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. We were the biggest developer in Europe, purely by virtue of what we had done in the U.K.After developing 300 smaller sites, there wasnt much left we didnt understand" about the challenges that different sites can throw at a developer, Boyle added. 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. Lightsource bp's Group CEO is Nick Boyle. Lightsource has not used Chinese-made solar panels for years now due to the US sanctions, and is working with industry groups across its geographical portfolio to help improve the traceability of the solar supply chain. But it also sees the complementarity coming through from onshore and offshore wind, he said. This is always an amusing one for me, Boyle says. If that doesnt illustrate where weve come in 10 years, I dont know what does, he said. We've moved from a cottage industry into an industrialized generator of what is globally, today, the cheapest form of electricity generation, said Boyle. Joined 2010, UK I co-founded Lightsource in 2010, and the whole thing came about almost completely by accident. After what he calleda period of strategic introspection, which included scrutinizing35 companies,BPmade itsinitial $200 million investment in Lightsource in 2017, creating Lightsource BP. Claire Skinner: You are terribly impressive. But BPs Sanyal told GTM it never lost its interest in solar. Theres nothing like an unfair advantage. He started his career in 2015. Rebranded as Lightsource BP, the company has committed to aggressively accelerate the low carbon transition, and this powerhouse partnership is set to shape . 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. Jake O'Kane: Is the DUP really going to sink the Assembly and reject the Windsor Framework? Two years later that stake was increased to create the 50:50 joint venture in place today. Were not on the trajectory we imagined 10 years ago, but were definitely not complaining. Choose a career where you are empowered to change the world! So you founded Lightsource in 2010. Through its involvement in the firm, BP has been able to fling open doors that Lightsource wouldve otherwise struggled to move by an inch. 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. Lightsource's search coincided with BP's hunt for a solar developer to partner with. 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. This website uses cookies so that we can provide you with the best user experience possible. 2010 still feels like yesterday to me, when six of us gathered in the . BPs interest in Lightsource first crystallised within an external funding opportunity which was led by Rothschilds. Couldn't agree more Nick, also amazing that BP is the first super-major energy company to make such a commitment. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. According to our Database, He has no children. 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. 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. Investments are being made by the billion, not the million. Staff numbers will almost double from fewer than 600 at the start of the year. 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. 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. Since then BP has brought in a new CEO, Bernard Looney, and discovered a renewed appetite for renewable energy. 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. 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. 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. 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 quickly became the largest developer in the country and then the continent. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. In 2017, Nick spearheaded Lightsourcespartnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. Yes, said Sanyal. Its an advantage that other solar developers are simply not privy to, but one Boyle is not shy about taking up. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. The potential for Lightsource BP appears to be just as bright. Tom Allen is Completely committed to comedy and 'Auntie Glo', Weekend Q&A: ran Clarke from NI Opera's Nobody/Somebody, Mary Kelly: Unionists' tendency to turn a gift horse into a tin of dogmeat is legendary - and their Westminster chums are getting fed-up with it. articles a month for anyone to read, even non-subscribers! It would be completely inappropriate for us to get all the upside and them to get some greenwashing. Earlier this year reports emerged that some of Chinas biggest solar companies may have ties to Uyghur forced-labour camps in Xinjiang via polysilicon production. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. 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. 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. Generous government subsidies were implemented to help get the emerging technology off the ground. Ask the dentist: Why can some people not cope with the word 'fat'? That much is borne out from watching developments in the market that have followed BPs own move. 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? Within five years, Lightsource became Europe's largest solar player and operator. partnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. 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. 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. The company was founded in 2010 as Lightsource Renewable Energy. Founder Nick Boyle explains how Lightsource will help power one of the biggest corporate transformations ever attempted. All rights reserved. What would you like to know about Nick Boyle? 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. Its time to start taxing shareholder payouts, Profits at worlds seven biggest oil firms soar to almost 150bn this year, British Museum urged to drop BP sponsor deal for Egypt exhibition, BPs joint solar venture Lightsource BP to more than double expansion by 2025. In 2017, BP acquired a 43% stake in the company by investing $200million. That growth shows new solar parks are still coming online despite the impact of the pandemic, while a global push for clean energy is opening opportunities in more countries, according to Chief Executive Officer and founder Nick Boyle. Nick Boyle, Lightsource Renewable Energy: Profile and Biography - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information,. [citation needed]. In 2010 the British solar developer Lightsource was formed. Green hydrogen is the perfect example of this. It takes a lot of energy. The company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. Today were building projects in the U.K. andselling the electricity for 0.04. 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.. Mary Louise Kelly's income source is mostly from being a successful Novelist. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. Nick previously sat at Board and Senior Director level in a number of leading retail financial service companies. 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. 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. 2023 Lightsource. The oil giant'searly forays into solar manufacturing weren't well aligned with its core business and endedin 2011. It takes a lot of energy. Nick Boyle's income source is mostly from being a successful Player. In 2010, Nick founded Lightsource Renewable Energy, then just a six-person start-up, which quickly grew over 5 . Dev Sanyal, BPs head of gas and low-carbon initiatives, and Lightsource BP CEO Nick Boyle discuss the past, present and future of their joint venture. (Credit: BP). Boyle said the companyreceived 14 bids,seven of themfrom oil and gas companies. We don't have much information about He's past relationship and any previous engaged. [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. 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. His main and rather the only source of income is a professional career as an American football tight end which brings him great profits. 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. I Fully Converted a Home to Electricity. 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. 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. At the time, the U.K. had installed next to no solar. If we're going to meet the commitments of the Paris Agreement, business as usual isn't going to cut it. Nick is Global CEO and founder, starting up Lightsource Renewable Energy in 2010. Will His AI Plans Be Any Different? Of all the offers, BP matched up best on culture, ethos, ambition and its "understanding and belief about the potential of solar," and not anything to do with BP being British, he insisted. By the same analogy investing in solar would be like digging a hole and knowing how much oil is there, how much it will cost and how much youll be paid for it before you start, Boyle says. Batteries are helping to optimize the power grid and opening up new applications and services for utilities and service providers. 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. We knew that the interest in solar and renewables was going to rise. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. Nick Boyle invested in Better Origin on Feb 23, 2021. 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. 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. 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. This idea of 'build back better'is actually how you can createthe energy industry, the future, rather than just the past.. Commenting on the announcement, Nick Boyle, Lightsource BP CEO, said: "We are delighted to welcome Kevin to Lightsource BP. 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. Now BP is eyeing a low-carbon revolution of its own a30-year plan that includes establishing a renewables portfolio of 50 gigawatts by 2030 and 20 GW by 2025. 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. Youre not a small cog in a big wheel, youre an instrumental part of our success. 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. Musk Made a Mess at Twitter. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. 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. Lightsource BP, a solar developer part-owned by BP Plc , expects to add 570 employees around the world this year. See the full leadership team at Craft. As I look at the second half of the decade, we will still see massive growth in solar. Theres no slowing down solar, he says. You can find out more about which cookies we are using or switch them off in settings. Other executives include Kevin Smith, CEO Americas; Kareen Boutonnat, CEO of Europe and International and 11 others. In 2017, oil major BP took a 43 percent stake, which has since been converted into a full 50-50 joint venture. Lightsource BP salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like Lightsource BP based on real numbers. He is not dating anyone. 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. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. Yes, the market for energy worldwide is growing, but electricity as a subset is outpacing that in terms of its percentage. Nick Boyle Group CEO Nick is Global CEO and founder, starting up Lightsource Renewable Energy in 2010. 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. Europe, Menlo Park, China), This describes the type of investor the person is (e.g. 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. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. Net Worth in 2022: $1 Million - $5 Million: Salary in 2022: Under Review . [3] In 2011, the company's first solar park was established in Truro. It might not be perfect in every case its not trying to be its trying to be part of the mix, he says. Where Will DOEs Loan Program Make the Next Climate Tech Investments? This website uses cookies so that we can provide you with the best user experience possible. Boyle, predictably, doesnt buy the greenwashing argument, but has good reason not to. 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. There are lots of tangible outcomes of hard work. 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. Lightsource BP Founder: Nick Boyle How about Lightsource BP's number_of_employe? PV is, in 60% of those countries the cheapest form of electricity generation. Lightsource BP won the offtake contract through a 450MW tender process. 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. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis. Suddenly, government-backed energy offtakers and bankable counterparties alike are keener to do business. The Grid Edge comprises technologies, solutions and business models advancing the transition toward a decentralized, distributed and transactive electric grid. Nick previously sat at Board and Senior Director level in several leading retail financial service companies. announced a strategic partnership with BP which has committed aggressively to accelerate the low carbon transition. The performance of Lightsource BP's solar projects helped embolden BP's net-zero plans. BP is a more rounded company because of what solar can do, and were a more rounded company with much, much further reach because of the relationship we have with BP and all that affords us, Boyle says.