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. You wake up every morning with a list to achieve, and its all good stuff, things that drive the business forward, things that make a measurable difference. The culture of Lightsource bp is one of the things Im most proud of. We are using cookies to give you the best experience on our website. He started his career in 2015. Personally, I find that half of the fun of my role is all that there is to do. At 28 years old, Nick Boyle height is 193 cm and Weight 122 kg. But BPs Sanyal told GTM it never lost its interest in solar. 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. Lightsource BPs initial goal was to use the oil giants financial muscle to grow a 1.6 gigawatt pipeline of solar projects to a portfolio of 10GW of solar investments by 2023. There is, too, a strong focus on optimising the actual use of electrons both in the home and in C&I applications, something which stems from a solar, storage and home energy management system pilot launched alongside EDF two years ago dubbed Sunplug. 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. But it also sees the complementarity coming through from onshore and offshore wind, he said. But the additional cash fund will be used to fast-track that ambition to 25GW by 2025, and the growth is likely to create more than 500 additional jobs within Lightsource in that time. 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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? It might not be perfect in every case its not trying to be its trying to be part of the mix, he says. In the past year Lightsource BPs headcount has risen by around 20%, and theres still at the time of writing another 64 vacancies to fill. N ick 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. Free intelligence and insights from industry experts and leading companies on the global energy transformation. 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. Lightsource BP won the offtake contract through a 450 MW tender process. Lightsource's search coincided with BP's hunt for a solar developer to partner with. It consists of more than 5,000panels that can generate enough electricity to supply 430homes in the area. BP's joint solar venture Lightsource BP, founded by Co Antrim man Nick Boyle, plans to more than double its global expansion by 2025 after clinching a financing deal worth $1.8bn (1.3bn) to develop enough solar farms to power the equivalent of 8.4 million homes. It takes a lot of energy. All rights reserved. Boyle is straightforward in his assertion that the two letters at the end of the name make Lightsource BP a sexier proposition than before. 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. [3] In 2011, the company's first solar park was established in Truro. [6] The company was accordingly renamed Lightsource BP. And big companies like Amazon, McDonald's and eBay are switching to clean energy. 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. 2023 Lightsource. Nick Boyle Net Worth 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. She is from Germany. Three years ago nobody was talking about green hydrogen in any great degree of analysis,Sanyal said. In 2017, oil major BP took a 43 percent stake, which has since been converted into a full 50-50 joint venture. Lightsource is Europe's largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects. 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. [7], In 2022 Lightsource BP raised $A540 million to develop two new zero emission projects in the Australian states of New South Wales and Victoria. In 2010, Nick founded Lightsource Renewable Energy, then just a six-person start-up, which quickly grew over 5 . 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. 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. [2] At the same year, the company established teams in North America, the Netherlands and India. If you are passionate about accelerating the energy transition, and looking to join a global collaboration of team members focused on delivering sustainable power, visit our careers page to find out more about working at Lightsource bp. 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. 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. 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. Nick Boyle's income source is mostly from being a successful Player. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. We are using cookies to give you the best experience on our website. People who compare the returns on solar with oil and gas miss the fact that theyre comparing an apple to a fish.. 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. You can find out more about which cookies we are using or switch them off in settings. Following the completion of the transaction, the company will be renamed Lightsource BP. Weve got a predominantly [Organisation for Economic Co-operation and Development]-focused footprint at the moment. At the time, the U.K. had installed next to no solar. 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. Staff numbers will almost double from fewer than 600 at the start of the year. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". 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. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. Lightsource BP earlier this month struck a deal to build the largest solar farm in the US state of Louisiana to supply clean energy to McDonalds and eBay. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. 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. It also has a 1.1 GW onshore wind portfolio in the U.S. From that initial conversation, everything sort of snowballed and took on a life of its own. The current position, the cost efficiency of subsidy-free solar, the competitiveness with fossil fuels, the stability of the market Not many people saw this coming! 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. Nick, welcome, and thank you for taking the time to speak to us today. If we compare what BP is like to what our previous [funders] were like, there is no comparison. Yes, the market for energy worldwide is growing, but electricity as a subset is outpacing that in terms of its percentage. [citation needed], In 2018, Lightsource BP formed EverSource Capital, a partnership with Everstone Group to create a major fund management platform for green energy infrastructure in India. 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. 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. From my perspective, I find it amusing that people seem to be so focused on this number, because,for us, its not a challenge.. The word symbiosis seems to be used to describe the relationship we have with BP, and I think thats a very fair description, Boyle says. The solar industry is not without its challenges. They just have this very can-do, empowering mentality that suits us perfectly, Boyle says. He said BP's investment in the firm he founded was a "complete game changer" - especially since. 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. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. Staff numbers will almost double from fewer than 600 at the start of the year. It wouldve been easy to accuse BP of greenwashing. Procurement agreement with US-based manufacturer. This confidence is also important to BPs shareholders, many of whom remain sceptical that the financial returns from renewable energy can compete with the cash generated from barrels of crude. 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. You can directly influence, create and achieve things here, its what makes us different. In 2010 the British solar developer Lightsource was formed. Now Boyle is poised to set out how Lightsource will help power one of the biggest corporate transformations ever attempted. Will His AI Plans Be Any Different? 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. 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. The potential for solar is absolutely huge.. 2023 Lightsource. Mary Louise Kelly's income source is mostly from being a successful Novelist. Nick is Global CEO and founder, starting up Lightsource Renewable Energy in 2010. 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. 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. Lightsource BP, like most, if not all, solar developers in the UK active since 2015, endured some troubled times as the Conservative axe fell on a whole range of subsidies following their election in May 2015. Ongoing US sanctions against Chinas solar supply chain threaten to raise costs, and slow the pace of the industry globally. 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. The company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. Jobs Number of Current Jobs 1 Nick Boyle is the Founder and CEO at Lightsource Renewable Energy. With Lightsource now a decade oldand its partnership with BPinits fourth year,Lightsource BP CEO Nick Boyle and Dev Sanyal,BPs EVP for gas and low-carbon energy,spoke to GTM about their progress thus far and what the next 10years may hold. I was talking to Accenture recently. Lightsource BP, a solar developer part-owned by BP Plc, expects to add 570 employees around the world this year. Check out all of our energy storage resources. Lightsource bp Renewable Energy Investments Limited. Heres How It Worked and What It Cost, Congress Passes Spending Bill With Solar, Wind Tax Credit Extensions and Energy R&D Package, Global solar PV operations & maintenance (O&M) 2020. This is always an amusing one for me, Boyle says. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chief Executive Officer, Lightsource Renewable Energy. [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. Group chief executive Nick Boyle said: Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Boyle says the company is ready to meet these challenges head on. The Grid Edge comprises technologies, solutions and business models advancing the transition toward a decentralized, distributed and transactive electric grid. Lightsource BPs Vendimia solar project in Spain. 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 responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. It is less than a year since the oil corporation BP, the ventures joint-owner, thrust it into the spotlight by unveiling plans to grow its renewable energy generation 20-fold within this decade.
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