Lightsource BP has announced it has secured a new $1.8bn credit and trade finance facility that will help fuel its new global growth strategy of developing 25GW of solar by 2025.

Since its formation in 2010, Lightsource has developed 3.8GW of solar projects globally. It is now aiming to drive this total to 25GW of developed projects by 2025 fed by its expanding development pipeline. This pipeline is expected to create over 500 new jobs within Lightsource BP over the next four years. In addition to this pipeline Lightsource BP is also developing a 9GW portfolio exclusively for its own use following its acquisition of capacity from 7X Energy.

Nick Boyle, group chief executive for Lightsource BP, said: “Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Investments are being made by the billion, not the million. And big companies like Amazon, McDonald’s and eBay are switching to clean energy. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis.”

The funding, provided by BNP, Societe Generale, Santander, Natwest, Lloyds, Mitsubishi, Sumitomo Mitsui, Canadian Imperial Bank of Commerce, Toronto Dominion and Wells Fargo, underpins the ambitions and strategy BP has shown as it continues to accelerate the deployment of solar across the EMEA, Americas and Asia Pacific regions.

In 2021 the company significantly increased its presence across many major European markets, including Spain, Italy and Portugal and announced a major auction win and market entry into Greece. In the US, the company has a portfolio of almost 10GW including more than 1.9GW entering into operations or construction in the last 18 months.

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