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. 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. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. But BPs Sanyal told GTM it never lost its interest in solar. 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. [citation needed] Also in 2018, the company formed a joint venture Lightsource BP Powered by Hassan Allam Utilities in Egypt with HA Utilities, the utilities subsidiary of Hassan Allam Holding. 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. 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. Boyle says the company is ready to meet these challenges head on. 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. John Parnell December 01, 2020 X We've moved from a cottage industry into an industrialized generator of what is globally, today, the cheapest form of electricity generation, said Boyle. Lightsource bp Global CEO Nick Boyle speaks about the company's ambitious new target, and how they plan to achieve 25GW by 2025.-------------------------------------------------- Read more about: Lightsource bp - an international solar business: https://www.lightsourcebp.com/ Our innovative solar farms and solar energy projects: https://www.lightsourcebp.com/projects/ How we contribute to global sustainability through responsible solar projects: https://www.lightsourcebp.com/sustainability/ Latest news and insights about renewable energy and our solar power projects: https://www.lightsourcebp.com/news/ Our career opportunities and culture: https://www.lightsourcebp.com/careers/ ---------------------------------------------- Follow us on: Twitter: https://twitter.com/lightsourcebpLinkedIn: https://www.linkedin.com/company/lightsourcebpInstagram: https://www.instagram.com/lightsourcebp ---------------------------------------------- Subscribe to our YouTube channel: https://www.youtube.com/user/LightsourceSolar Watch our project videos: https://www.youtube.com/watch?v=APeV6w3NJXU\u0026list=PLBvK2q4_2ziphjtA764FSS5D9csdmVUvi Watch our educational videos: https://www.youtube.com/watch?v=XwdKPNRIWls\u0026list=PLBvK2q4_2ziqGufApfrbMHHSTcmNOemYO -------------------------------------------------- About Lightsource bp: Lightsource bp is an international solar business. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. From my perspective, I find it amusing that people seem to be so focused on this number, because,for us, its not a challenge.. Check out all of our energy storage resources. [2] At the same year, the company established teams in North America, the Netherlands and India. Check out Lightsource BP's net worth in US Dollar Aug, 2022. . We're heavily. The culture of Lightsource bp is one of the things Im most proud of. 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. Sodid BPs experience with Lightsource BP help it to formulate that strategy? His main and rather the only source of income is a professional career as an American football tight end which brings him great profits. [5], In 2016, Lightsource completed the Crookedstone Solar Farm, in Antrim, Northern Ireland, which provides a third of the Belfast International Airport's electricity needs.[1]. In 2017, BP acquired a 43% stake in the company by investing $200million. Following the completion of the transaction, the company will be renamed Lightsource BP. What would you like to know about Nick Boyle? 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. It was a deal that helped make Lightsource one of the fastest growing solar companies in the world, and provided BP with the clean-energy testbed it needed to propose one of the greatest transformation plans in corporate history. You can directly influence, create and achieve things here, its what makes us different. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. Youre not a small cog in a big wheel, youre an instrumental part of our success. 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. "The target is 10GW by 2023," Nick Boyle told The National in an interview in Abu Dhabi. From that initial conversation, everything sort of snowballed and took on a life of its own. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. 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? [button target=blank link=https://careers.lightsourcebp.com]Search careers at Lightsource bp[/button]. Two years later that stake was increased to create the 50:50 joint venture in place today. 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. All rights reserved. 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. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 21 September, 2021 01:00 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. In 2010, Nick founded Lightsource Renewable Energy, then just a six-person start-up, which quickly grew over 5 years to become Europes largest solar developer and operator and a recognised global leader. This is about, from a business perspective, both of us winning. Within seven years Boyle had grown the company to a team of 300, with solar farms in Ireland, Netherlands, India and the US catching the eye of major players hoping to buy into the solar boom. 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! And the relationship between BP and Lightsource has however gone further, and is now more symbiotic than anything else. 2023 Lightsource. He is not dating anyone. We are using cookies to give you the best experience on our website. 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. Then again, whenever the industry thinks the forecasted pace of change is too fast, it always ends up happening way, way faster," he said. It wouldve been easy to accuse BP of greenwashing. The potential for Lightsource BP appears to be just as bright. All rights reserved. Boyle said the companyreceived 14 bids,seven of themfrom oil and gas companies. 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. Now Boyle is poised to set out how Lightsource will help power one of the biggest corporate transformations ever attempted. As I look at the second half of the decade, we will still see massive growth in solar. Lightsource BP won the offtake contract through a 450MW tender process. It all began at the end of 2010, when Lightsource Renewable Energy set up shop with six people crammed into a tiny corner of a London office. 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. Lightsource bp has an established track record in building and growing partnerships with investors over the last 10 years. Ask the dentist: Why can some people not cope with the word 'fat'? Ongoing US sanctions against Chinas solar supply chain threaten to raise costs, and slow the pace of the industry globally. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Batteries are helping to optimize the power grid and opening up new applications and services for utilities and service providers. As a leading global solar developer, and 50:50 bp partner, we are rapidly scaling-up to help meet the rising demand for reliable electricity, while supporting the global energy transition to net zero. Paul co-founded the company in 2010. In 2017, Nick spearheaded Lightsourcespartnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. Boyle has said on the record that Lightsource BP is already hitting 8 to10 percent as a global average. You can find out more about which cookies we are using or switch them off in settings. 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. With an Energy Crisis Brewing, No Peak in Sight for Emissions, Why TransitTech Is So Vital to Struggling Public Transportation Systems. Nick Boyle's income source is mostly from being a successful Player. 2010 still feels like yesterday to me, when six of us gathered in the . Where Will DOEs Loan Program Make the Next Climate Tech Investments? The company was founded in 2010 as Lightsource Renewable Energy. [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 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. Boyle insists that it is therefore common sense that O&G firms are getting involved in solar, describing it as a natural progression for the organisations. Since then BP has brought in a new CEO, Bernard Looney, and discovered a renewed appetite for renewable energy. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. It also has a 1.1 GW onshore wind portfolio in the U.S. 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. The project comprises 200,000LONGi Solar photovoltaic panels ground-mounted across 240 acres (97ha). Commenting on the announcement, Nick Boyle, Lightsource BP CEO, said: "We are delighted to welcome Kevin to Lightsource BP. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. 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. 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. Carbon Recycling: Microbes, Jet Fuel and Leggings. I already had experience in renewables in Europe, and it was clear to me that there was a great opportunity and a lot of potential in the proposition in the UK. Floating solar, bifacial modules and the central versus string inverters debate sit on Lightsource BPs immediate R&D list at the moment. 2023 Lightsource. 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. See the full leadership team at Craft. . This is always an amusing one for me, Boyle says. 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. 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. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". 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. 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. 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. 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. Musk Made a Mess at Twitter. There are lots of tangible outcomes of hard work. [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. [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. 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Nick Boyle: You make me sound very impressive. BP'sSeptembercapital markets eventalso revealed more details on the extent of the company'srenewable options. The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. 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. Within five years, Lightsource became Europe's largest solar player and operator. Were not on the trajectory we imagined 10 years ago, but were definitely not complaining. But it also sees the complementarity coming through from onshore and offshore wind, he said. Weve got a predominantly [Organisation for Economic Co-operation and Development]-focused footprint at the moment. 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. In 2018, the company completed its first international installation, a 60MW solar farm in Maharashtra, India. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis. And theres an abundance of evidence to support Boyles argument. 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 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. More recently, its projects have been performing at the top end of that range, he said. 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 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. Suddenly, government-backed energy offtakers and bankable counterparties alike are keener to do business. 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. 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. Today were building projects in the U.K. andselling the electricity for 0.04. [6] The company was accordingly renamed Lightsource BP. 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? 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. Musk Made a Mess at Twitter. . We have estimated Nick Boyle's net worth , money, salary, income, and assets. 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. Lightsource Renewable Energy Founder and CEO Feb 2010 Related Hubs Recent News and Activity Number of News Articles 2 Thats not to say there isnt anything that BP hasnt introduced to Lightsource on a professional level. 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. Nick, welcome, and thank you for taking the time to speak to us today. If that doesnt illustrate where weve come in 10 years, I dont know what does, he said. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. He is a member of Lightsource bps investment committee and a board director. partnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. 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. 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 truth, as Lightsource BP chief exec Nick Boyle tells Current, the deal was agreed a few weeks previous, but the 12 months (and two weeks) since 15 December 2017 have been nothing short of transformative for the company. 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. People who compare the returns on solar with oil and gas miss the fact that theyre comparing an apple to a fish.. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. 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. 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. If we're going to meet the commitments of the Paris Agreement, business as usual isn't going to cut it. It takes a lot of energy. Joined 2010, UK I co-founded Lightsource in 2010, and the whole thing came about almost completely by accident. Jake O'Kane: Is the DUP really going to sink the Assembly and reject the Windsor Framework? Jobs Number of Current Jobs 1 Nick Boyle is the Founder and CEO at Lightsource Renewable Energy. 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 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. [citation needed], In 2019, BP increased its stake in Lightsource BP to 50%. And fresh business brings fresh growth. During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. 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. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. The numbers illustrate the point rather well. TE Nick Boyle earned $25,785,075 in his NFL career. Thats the cycle in this industry.. The potential for solar is absolutely huge.. Boyle was drawn to the solar industry from a background in retail financial services, selling a little bit to a lot of people, because he recognised solar powers long-term predictable returns as the Holy Grail of small volume investments. It plans to increase the capacity up to 8,000MW through projects in the Americas, India, Europe and the Middle East. Lightsource's search coincided with BP's hunt for a solar developer to partner with. Nick Boyle, Lightsource Renewable Energy: Profile and Biography - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information,. Since last December operations have been opened in Egypt and Brazil amongst others, and the company is now active in 11 jurisdictions worldwide. Group chief executive Nick Boyle said: Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. (Credit: BP). Lightsource BPs Vendimia solar project in Spain. 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. 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. 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. 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. Yes, said Sanyal. 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. 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.

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