British oil and gas company BP announced today in a press release that it had come to an agreement with UK-based PV producer Lightsource BP to purchase the remaining 50.03% of Lightsource BP’s shares it does not already own.

Once the deal closes, which is expected for mid-2024, BP will control all of Lightsource BP. The company paid £254 million ($321 million) for the stake, according to the announcement.

BP said it will scale up Lightsource BP’s PV operations with the acquisition and will “target double digit equity returns.”

“BP intends to use Lightsource BP’s world-class capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power,” the company said.

“This integration is expected to underpin and de-risk delivery of BP’s targets for its transition growth engines – in hydrogen, EV charging and biofuels as well as in power trading.”

BP executive vice president for gas and low-carbon energy Anja-Isabel Dotzenrath said the purchase will allow for BP to meet the increasing demand for low-carbon power from “transition growth engines.”

BP first invested $200 million in Lightsource – subsequently named Lightsource BP – in 2017 for a 43% stake in the company. In 2022 BP bumped up its share to 50%.

Lightsource BP completed its first utility-scale solar installation in 2016. Since then, the company has launched more than 16 renewable energy projects in the United States alone, with Lightsource BP announcing last year it wanted to pursue a project in New Zealand.