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(Bloomberg) — Petrobras SA plans to buy a stake in the Brazilian unit of BP Plc’s solar and battery arm Lightsource in the first renewable energy deal for the state-controlled oil producer, people familiar with the matter said.
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Petroleo Brasileiro SA, as the company is formally known, has been mulling entering renewable energy sources such as ethanol, biodiesel, biomethane and solar as a minority partner, according to its five-year spending plan released in November. Chief Executive Officer Magda Chambriard said earlier this month the company would have an energy transition project approved by the end of 2025, without providing details.
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Petrobras’ board approved the plan to buy 49.9% of Lightsource bp Brasil in a Tuesday meeting, said the people, who asked not be identified discussing non-public information. A BP spokesperson declined to comment. Petrobras didn’t immediately respond to a request for comment.
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The deal comes as BP seeks partners for Lightsource, with the London-based energy giant refocusing on oil and natural gas after years of failed low-carbon bets.
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BP first bought into Lightsource in 2017, paying $200 million for a 43% stake, and eventually agreed to take full ownership in 2023.
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Lightsource develops, finances and operates solar projects across more than a dozen countries, with a growing focus on utility-scale battery storage. Even though the unit has been a key part of BP’s diversification into renewables, it remains a relatively small contributor to overall earnings compared to oil and gas operations.
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