Investments are being made by the billion, not the million. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. BP has partnered with offshore wind giant rsted to provide green hydrogen for a refinery in Germany, initially a 50 MW electrolyzer, with a plan ofscaling to 500 MW. 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. Rebranded as Lightsource BP, the company has committed to aggressively accelerate the low carbon transition, and this powerhouse partnership is set to shape . Then again, whenever the industry thinks the forecasted pace of change is too fast, it always ends up happening way, way faster," he said. 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The current team he plays for is Baltimore Ravens (january 2022). 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. In his role as Group CEO, Nicks dynamic leadership and vision has driven the company to tremendous success and in December 2017, Lightsource. 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. 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. 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. 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. People who compare the returns on solar with oil and gas miss the fact that theyre comparing an apple to a fish.. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has participated in, Total number of current Jobs the person has, Number of news articles that reference the Person, Riverbed names Nick Boyle VP of APJ sales, Better Origin, which turns flies into food for chickens, raises $3M from Fly Ventures. He is not dating anyone. 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. BPs interest in Lightsource first crystallised within an external funding opportunity which was led by Rothschilds. From small beginnings, the company has gone on to big things, now with activities in 14 countries. 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. Two years later that stake was increased to create the 50:50 joint venture in place today. 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. She is from Germany. 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. 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. PV is, in 60% of those countries the cheapest form of electricity generation. 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. Id been working with Nick Boyle on some other investment ideas when the Feed-in Tariffs (solar subsidies from the government) came in we ended up in a bar somewhere in London one night, it came up in conversation and the rest is history. 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. 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. This website uses cookies so that we can provide you with the best user experience possible. Boyle says Lightsource BP has continued to flourish in such adversity as a result of always being willing to push the boundaries of what was thought possible. Lightsource is Europe's largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects. 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. In 2018, the company completed its first international installation, a 60 MW solar farm in Maharashtra, India. BP'sSeptembercapital markets eventalso revealed more details on the extent of the company'srenewable options. Boyle said the companyreceived 14 bids,seven of themfrom oil and gas companies. It was at the end of 2017 that the oil giants acquisition of 43% of the company, now rebranded as Lightsource BP, was agreed. Why would we go to a market where BP arent, when we could go to a similar where they are, and get afforded all of that extra support, Boyle says. Sodid BPs experience with Lightsource BP help it to formulate that strategy? We are using cookies to give you the best experience on our website. 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. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Boutonnat explains how whereas in the past there may have been eight applicants for each role, theres now 75, and the calibre of talent approaching the business has soared since the BP announcement was made. [8], As of 2018, Lightsource BP has commissioned 1,300MW of solar capacity and manages about 2,000MW of solar capacity. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. announced a strategic partnership with BP which has committed aggressively to accelerate the low carbon transition. 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. 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. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. 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? 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. The Grid Edge comprises technologies, solutions and business models advancing the transition toward a decentralized, distributed and transactive electric grid. [2], Alongside funding, developing, constructing and connecting solar installations across the globe, Lightsource BP provides operations and maintenance, and asset management services to solar assets owners in the UK and beyond. During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. 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. Musk Made a Mess at Twitter. 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. Lightsource bp has an established track record in building and growing partnerships with investors over the last 10 years. Theres no slowing down solar, he says. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. 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. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Staff numbers will almost double from fewer than 600 at the start of the year. He started his career in 2015. The project comprises 200,000LONGi Solar photovoltaic panels ground-mounted across 240 acres (97ha). It wouldve been easy to accuse BP of greenwashing. There are lots of tangible outcomes of hard work. You can find out more about which cookies we are using or switch them off in settings. 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. The launch fund for EverSource Capital was the Green Growth Equity Fund, which has a fundraising target of 500million and joint anchor investments from the UK Government and the India's National Investment and Infrastructure Fund, with a commitment of 120million each. But Boutonnat insists the firm has no such ambitions, with Lightsource BP considering it more rewarding to go worldwide with what they do now than to go deeper in any one jurisdiction. You can find out more about which cookies we are using or switch them off in settings. The companys pipeline shrank and more than 50 jobs were lost after the firm completed a reconsideration of its direction in the aftermath. Nick Boyle's income source is mostly from being a successful Player. Paul McCartie, Group Chief Investment Officer. His net worth has been growing significantly in 2021-2022. 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. 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. 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. This website uses cookies so that we can provide you with the best user experience possible. 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. Were not on the trajectory we imagined 10 years ago, but were definitely not complaining. Green hydrogen is the perfect example of this. In 2010 the British solar developer Lightsource was formed. We've moved from a cottage industry into an industrialized generator of what is globally, today, the cheapest form of electricity generation, said Boyle. 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. Ask the dentist: Why can some people not cope with the word 'fat'? The venture has tripled its global reach to 15 countries, and doubled its workforce from 300 in 2017 to around 600 staff across its global portfolio today. 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. On this Wikipedia the language links are at the top of the page across from the article title. So you founded Lightsource in 2010. 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In 2017, Nick spearheaded Lightsourcespartnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. Her husband is Nick Boyle Mary Louise Kelly Net Worth Her net worth has been growing significantly in 2021-2022. [citation needed], In 2019, BP increased its stake in Lightsource BP to 50%. With an Energy Crisis Brewing, No Peak in Sight for Emissions, Why TransitTech Is So Vital to Struggling Public Transportation Systems. Nick Boyle's net worth is currently estimated at $7 million. TE Nick Boyle earned $25,785,075 in his NFL career. 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. BP and Lightsource announced the partnership in December. Follow along as he lays out the blueprint for his career, and takes us all the way from his first sketch to his thriving personal brand, Spunge. 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. Thats not to say there isnt anything that BP hasnt introduced to Lightsource on a professional level. And big companies like Amazon, McDonald's and eBay are switching to clean energy. 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. Lightsource bp's Group CEO is Nick Boyle. The future in hydrogen alone makes the 25GW target look small. Belfast, Northern Ireland, United Kingdom 4K followers 500+ connections Join to view profile Lightsource BP About Nick is the Group CEO of Lightsource bp, overseeing all global operations and. 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. All rights reserved. UK Government unveils 5 million Heat Training Grant as skills shortage concerns grow, OVO launches EV charging tariff three times cheaper than UK average, Shapps sets out objectives for DESNZ at crucial turning point for Britains energy resilience, DESNZ must review plans to achieve offshore wind and nuclear targets, says National Audit Office, Ofgem publishes proposals for a new local, flexible energy system. 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. 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. Up to 2010, he spent six years in the power finance team at Investec Bank, and prior to this Paul was Assistant Director of project finance at Rolls-Royce Power Ventures, an independent power project developer based in London. I Fully Converted a Home to Electricity. What the Frack Is Happening With Natural Gas Prices? 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. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. Follow along as he lays out the blueprint for his career, and takes us all the way from his first sketch to his thriving personal brand, Spunge. 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. The potential for Lightsource BP appears to be just as bright. What would you like to know about Nick Boyle? Batteries are helping to optimize the power grid and opening up new applications and services for utilities and service providers. Generous government subsidies were implemented to help get the emerging technology off the ground. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. Since last December operations have been opened in Egypt and Brazil amongst others, and the company is now active in 11 jurisdictions worldwide. You can directly influence, create and achieve things here, its what makes us different. Will His AI Plans Be Any Different? Europe, Menlo Park, China), This describes the type of investor the person is (e.g. Will His AI Plans Be Any Different? Boyle has said on the record that Lightsource BP is already hitting 8 to10 percent as a global average. In 2010, Nick founded Lightsource Renewable Energy, then just a six-person start-up, which quickly grew over 5 . Check out Lightsource BP's net worth in US Dollar Aug, 2022. . Lightsource BP, a solar developer part-owned by BP Plc , expects to add 570 employees around the world this year. 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. EGYPS 2019 - Nick Boyle, CEO, Lightsource BP - YouTube EGYPS TV interviews Nick Boyle, CEO, Lightsource BP EGYPS TV interviews Nick Boyle, CEO, Lightsource BP. The one concern I dont have is a poverty of options., The pace of the energy transitions prospects hasbeen accelerated by COVID," he added. One of things that weve done really well in the first years in partnership with BP is that weve set aggressive targets and weve delivered on every one them They were able to believe us when we said: Guys, 10GW isnt really pushing the envelope. That was the start of the conversation about how we redefine what good looks like, Boyle says. 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. 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? 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. It also has a 1.1 GW onshore wind portfolio in the U.S. 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. [2] At the same year, the company established teams in North America, the Netherlands and India. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. Nick, welcome, and thank you for taking the time to speak to us today. The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. Jake O'Kane: Is the DUP really going to sink the Assembly and reject the Windsor Framework? That confidence that Lightsource BP has fed into that new strategy can also be illustrated through the numbers. Lightsource BP won the offtake contract through a 450 MW tender process. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. 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. Where Will DOE's Loan Program Make the Next Climate Tech Investments? Group chief executive Nick Boyle said: Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. If that doesnt illustrate where weve come in 10 years, I dont know what does, he said. Far be it from us to remark that a fossil fuel company may have blazed a trail, but the new direction of travel is stark. But it also sees the complementarity coming through from onshore and offshore wind, he said. 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. Lightsource BP won the offtake contract through a 450MW tender process.

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