Latham & Watkins Advises Shareholders as bp Agrees to Take Full Ownership of Lightsource bp

Latham & Watkins has advised Block M shareholders on bp’s agreement to acquire the 50.03% interest it does not already own in Lightsource bp, one of the world’s leading developers and operator of utility-scale solar and battery storage assets. The parties agree that now is the right time for bp to take full ownership, enabling Lightsource bp’s continuing growth and high performance.

The acquisition will be fully accommodated within bp’s financial frame and meet bp’s expectations for investment returns from renewables and power, unlevered and before integration benefits. Subject to regulatory approvals, the transaction is currently anticipated to close in mid-2024.

The Latham team was led by London corporate partners Ed Barnett and Sam Newhouse, with associate Medha Marathe.