And big companies like Amazon, McDonald's and eBay are switching to clean energy. Through its involvement in the firm, BP has been able to fling open doors that Lightsource wouldve otherwise struggled to move by an inch. Watch the CIBC video featuring our Global CEO, Nick Boyle, on how we're helping fight climate change through responsible development of solar energy projects. The Grid Edge comprises technologies, solutions and business models advancing the transition toward a decentralized, distributed and transactive electric grid. 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. 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. According to our Database, He has no children. But far be it from this to be a one-way relationship. Staff numbers will almost double from fewer than 600 at the start of the year. They just have this very can-do, empowering mentality that suits us perfectly, Boyle says. Oils $128 Billion Handout as Doubts Grow About Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Alphabet Must Negotiate If Contract Staff Unionize, Labor Board Official Rules, OpenAI Rival Stable Diffusion Maker Seeks to Raise Funds at $4 Billion Valuation, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, Turkeys Erdogan Criticizes Rivals Over Candidate Squabbles, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Since then BP has brought in a new CEO, Bernard Looney, and discovered a renewed appetite for renewable energy. . If we're going to meet the commitments of the Paris Agreement, business as usual isn't going to cut it. 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. The stellar-growth operation had initially set a target to develop arrays of panels with a total capacity of 10 gigawatts by 2023, enough for almost 3.4 million homes. 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. And theres an abundance of evidence to support Boyles argument. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". Lightsource BP salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like Lightsource BP based on real numbers. We don't have much information about He's past relationship and any previous engaged. So, how much is Mary Louise Kelly worth at the age of 51 years old? 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 consists of more than 5,000panels that can generate enough electricity to supply 430homes in the area. 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. Will His AI Plans Be Any Different? Rebranded as Lightsource BP, the company has committed to aggressively accelerate the low carbon transition, and this powerhouse partnership is set to shape . 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. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. . 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. The culture of Lightsource bp is one of the things Im most proud of. 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. Nick Boyle: You make me sound very impressive. 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. 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. I was talking to Accenture recently. We are using cookies to give you the best experience on our website. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. England Companies With Less Than $1B in Revenue (Top 10K), United Kingdom Companies With Fewer Than 1000 Employees (Top 10K), Solar Companies With Less Than $1B in Revenue, Solar Companies With Less Than $500M in Revenue, Energy Companies With More Than $50M in Revenue, Caisse de Depot et Placement du Quebec Portfolio Companies, Energy Companies With More Than $10M in Revenue, Renewable Energy Companies With Fewer Than 1000 Employees (Top 10K), Number of portfolio companies associated to the Person, Number of Organizations that the person founded, The organization associated to the person's primary job, Where the person is located (e.g. 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. 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. Nick, welcome, and thank you for taking the time to speak to us today. In 2017, BP acquired a 43% stake in the company by investing $200million. Theres no slowing down solar, he says. [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]. You can find out more about which cookies we are using or switch them off in settings. 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 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. [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. Its an advantage that other solar developers are simply not privy to, but one Boyle is not shy about taking up. But it also sees the complementarity coming through from onshore and offshore wind, he said. The company was founded in 2010 as Lightsource Renewable Energy. Yes, said Sanyal. Jake O'Kane: Is the DUP really going to sink the Assembly and reject the Windsor Framework? 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. 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. Lightsource BPs Vendimia solar project in Spain. It plans to increase the capacity up to 8,000MW through projects in the Americas, India, Europe and the Middle East. partnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. The potential for Lightsource BP appears to be just as bright. If that doesnt illustrate where weve come in 10 years, I dont know what does, he said. And the relationship between BP and Lightsource has however gone further, and is now more symbiotic than anything else. 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. 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. Nicks dynamic leadership and vision continues to drive the companys remarkable growth and international reach, growing from 5 to 20 markets since the bp partnership was inked, and now surpassing 1000 team members around the world. 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. The numbers illustrate the point rather well. Nick Boyle's net worth is currently estimated at $7 million. 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. Thats whenLightsource recognizedthat the sector was ready to industrializeand that it would need a partner to do so, which led it to approach the investment bank Rothschild. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Net Worth in 2022: $1 Million - $5 Million: Salary in 2022: Under Review . You can find out more about which cookies we are using or switch them off in settings. Lightsource bp Renewable Energy Investments Limited. And fresh business brings fresh growth. The company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. Lightsource BP, a solar developer part-owned by BP Plc, expects to add 570 employees around the world this year. 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. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Group chief executive Nick Boyle said: Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. He is a member of Lightsource bp's investment committee and a board director. Boyle puts these achievements not just to thinking outside of the box, but by industrialising and introducing real business systems, controls and processes to what was essentially a cottage industry when he founded the business in 2010. 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. 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. I Fully Converted a Home to Electricity. [4], In 2016, the company launched Europe's largest floating solar project at the Queen Elizabeth II Reservoir, in Walton-on-Thames. 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. The potential for solar is absolutely huge.. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. BPs interest in Lightsource first crystallised within an external funding opportunity which was led by Rothschilds. 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. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. 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. 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. 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. Lightsource bp Renewable Energy Investments Limited. Since last December operations have been opened in Egypt and Brazil amongst others, and the company is now active in 11 jurisdictions worldwide. Lightsource BP, a solar developer part-owned by BP Plc , expects to add 570 employees around the world this year. She is from Germany. Nick Boyle founded Lightsource Renewable Energy in 2010 with five employees and a solar farm in Truro, Cornwall. Europe, Menlo Park, China), This describes the type of investor the person is (e.g. Throughout his career, Nick has always been recognised for his entrepreneurial skill and success in pairing retail financial products with low-risk, predictable investments. 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. Weve got a predominantly [Organisation for Economic Co-operation and Development]-focused footprint at the moment. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. Today were building projects in the U.K. andselling the electricity for 0.04. Within five years, Lightsource became Europe's largest solar player and operator. BP'sSeptembercapital markets eventalso revealed more details on the extent of the company'srenewable options. 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. We have estimated Nick Boyle's net worth , money, salary, income, and assets. In 2018, the company completed its first international installation, a 60MW solar farm in Maharashtra, India. It might not be perfect in every case its not trying to be its trying to be part of the mix, he says. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. Free intelligence and insights from industry experts and leading companies on the global energy transformation. Nick founded Lightsource in 2010 as just a six-person start-up. People who compare the returns on solar with oil and gas miss the fact that theyre comparing an apple to a fish.. Investments are being made by the billion, not the million. 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. Thats not to say there isnt anything that BP hasnt introduced to Lightsource on a professional level. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. We knew that the interest in solar and renewables was going to rise. Youre not a small cog in a big wheel, youre an instrumental part of our success. Couldn't agree more Nick, also amazing that BP is the first super-major energy company to make such a commitment. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. 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. Procurement agreement with US-based manufacturer. Throughout his career, Nick has always been recognised for his entrepreneurial skill and success in pairing retail financial products with low-risk, predictable investments. The project comprises 200,000LONGi Solar photovoltaic panels ground-mounted across 240 acres (97ha). Lightsource's search coincided with BP's hunt for a solar developer to partner with. Boyle says the company is ready to meet these challenges head on. Where Will DOE's Loan Program Make the Next Climate Tech Investments? 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. 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. Other executives include Kevin Smith, CEO Americas; Kareen Boutonnat, CEO of Europe and International and 11 others. Personally, I find that half of the fun of my role is all that there is to do. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. 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. During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. "The target is 10GW by 2023," Nick Boyle told The National in an interview in Abu Dhabi. His net worth has been growing significantly in 2021-2022. Were not on the trajectory we imagined 10 years ago, but were definitely not complaining. [6] The company was accordingly renamed Lightsource BP. 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. It was at the end of 2017 that the oil giants acquisition of 43% of the company, now rebranded as Lightsource BP, was agreed. That confidence that Lightsource BP has fed into that new strategy can also be illustrated through the numbers. Staff numbers will almost double from fewer than 600 at the start of the year. Ask the dentist: Why can some people not cope with the word 'fat'? You can directly influence, create and achieve things here, its what makes us different. 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. 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. Oils $128 Billion Handout as Doubts Grow About Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Alphabet Must Negotiate If Contract Staff Unionize, Labor Board Official Rules, OpenAI Rival Stable Diffusion Maker Seeks to Raise Funds at $4 Billion Valuation, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, Turkeys Erdogan Criticizes Rivals Over Candidate Squabbles, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. That much is borne out from watching developments in the market that have followed BPs own move. 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. The plan is tobuildon project returns of 5 to6 percent with improved project and operational execution and the benefits that come with BPs extra financial muscle,integratingthat power with energy from BPs other sources such asfirm low-carbon power-purchase agreements with natural gas filling in the blanks,all procured by BPs considerable trading arm. 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. It would be completely inappropriate for us to get all the upside and them to get some greenwashing. Joined 2010, UK I co-founded Lightsource in 2010, and the whole thing came about almost completely by accident. Choose a career where you are empowered to change the world! Dev Sanyal, BPs head of gas and low-carbon initiatives, and Lightsource BP CEO Nick Boyle discuss the past, present and future of their joint venture. But BPs Sanyal told GTM it never lost its interest in solar. In his role as Group CEO, Nicks dynamic leadership and vision has driven the company to tremendous success and in December 2017, Lightsource. 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.