Nick Boyle: You make me sound very impressive. 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. Were not on the trajectory we imagined 10 years ago, but were definitely not complaining. From my perspective, I find it amusing that people seem to be so focused on this number, because,for us, its not a challenge.. We knew that the interest in solar and renewables was going to rise. Through its involvement in the firm, BP has been able to fling open doors that Lightsource wouldve otherwise struggled to move by an inch. Lightsource bp's Group CEO is Nick Boyle. 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. 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. 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. From that initial conversation, everything sort of snowballed and took on a life of its own. 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. 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 firm has bioenergy interests via its BP Bunge JV, as well asa new partnership with Equinor focusing on offshore wind in theU.S. at presentand internationally in the years to come. 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. And the relationship between BP and Lightsource has however gone further, and is now more symbiotic than anything else. Its an advantage that other solar developers are simply not privy to, but one Boyle is not shy about taking up. Lightsource Renewable Energy Founder and CEO Feb 2010 Related Hubs Recent News and Activity Number of News Articles 2 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. Suddenly, government-backed energy offtakers and bankable counterparties alike are keener to do business. [2] At the same year, the company established teams in North America, the Netherlands and India. Nick Boyle invested in Better Origin on Feb 23, 2021. Ongoing US sanctions against Chinas solar supply chain threaten to raise costs, and slow the pace of the industry globally. Will His AI Plans Be Any Different? ick Boyle, the founder and chief executive of solar power giant Lightsource, IfBPs change of heart isnt a U-turn, its certainly a major detour, BPscales back climate goals as profits more than double to 23bn, BPcriticised over plan to spend billions more on fossil fuels than green energy, Donate wartime profits to Ukraine or pay windfall tax, MPs tell BP, BPshares in Kremlin oil firm are blood money, says Zelenskiy adviser, BPdeclines to reveal how much loophole saved it in windfall tax, Calls for extension of windfall tax as BP posts eye-watering profits, BPdeclares 7bn profits while energy bills soar? All rights reserved. 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. [8], As of 2018, Lightsource BP has commissioned 1,300MW of solar capacity and manages about 2,000MW of solar capacity. 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. Yes, said Sanyal. Commenting on the announcement, Nick Boyle, Lightsource BP CEO, said: "We are delighted to welcome Kevin to Lightsource BP. That confidence that Lightsource BP has fed into that new strategy can also be illustrated through the numbers. The company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. Nick founded Lightsource in 2010 as just a six-person start-up. Will His AI Plans Be Any Different? . Research and development spending and scope has increased since last year, and Lightsource Labs the main element of a wide-ranging R&D arm that spans from Greece to Palo Alto now examines everything from a 10-year range, something which Boutonnat described as a big step for the company. We don't have much information about He's past relationship and any previous engaged. Shoe designer and creative Salehe Bembury takes us on a journey from his childhood growing up in Manhattan, to an invaluable degree in industrial design, to working with some of the biggest names in fashionbefore breaking off to make his own name. Choose a career where you are empowered to change the world! [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. The oil giant'searly forays into solar manufacturing weren't well aligned with its core business and endedin 2011. If that doesnt illustrate where weve come in 10 years, I dont know what does, he said. Lightsource is Europe's largest solar development company, focused on the acquisition, development and long-term management of large-scale solar projects. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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 company began with just six team members and rapidly grew to become one of Europes leading solar developers and operators in just five years. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. We're heavily. Three years ago nobody was talking about green hydrogen in any great degree of analysis,Sanyal said. Founder Nick Boyle explains how Lightsource will help power one of the biggest corporate transformations ever attempted. Back in 2010, I couldnt have imagined the solar industry we find ourselves in now. [3] In 2011, the company's first solar park was established in Truro. 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. The fact that we are able to deliver with confidence allows BP to believe that their early 2025 [interim target] is actually doable predominantly through solar, and thats important to them.. Lightsource BP Founder: Nick Boyle How about Lightsource BP's number_of_employe? People who compare the returns on solar with oil and gas miss the fact that theyre comparing an apple to a fish.. 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. . Boyle says the company is ready to meet these challenges head on. announced a strategic partnership with BP which has committed aggressively to accelerate the low carbon transition. His responsibilities include debt and equity fundraising for all solar asset developments, project investment structuring and M&A. See the full leadership team at Craft. Procurement agreement with US-based manufacturer. 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. It takes a lot of energy. He is a member of Lightsource bps investment committee and a board director. 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. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. 2023 Greentech Media or its affiliated companies. What would you like to know about Nick Boyle? Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. It consists of more than 5,000panels that can generate enough electricity to supply 430homes in the area. In 2018, the company completed its first international installation, a 60MW solar farm in Maharashtra, India. Paul McCartie, Group Chief Investment Officer. I was still working in my previous role while Nick gathered support for the concept, and then things fell into place and all of a sudden we had a new business! With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. By the same analogy investing in solar would be like digging a hole and knowing how much oil is there, how much it will cost and how much youll be paid for it before you start, Boyle says. Thats not to say there isnt anything that BP hasnt introduced to Lightsource on a professional level. Since last December operations have been opened in Egypt and Brazil amongst others, and the company is now active in 11 jurisdictions worldwide. Weve got a predominantly [Organisation for Economic Co-operation and Development]-focused footprint at the moment. Jake O'Kane: Is the DUP really going to sink the Assembly and reject the Windsor Framework? Free intelligence and insights from industry experts and leading companies on the global energy transformation. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. In that year, Lightsource BP also signed a 25-year power purchase and asset acquisition agreement with Mid-Kansas Electric Company in Stanton County, Kansas, United States. Far be it from us to remark that a fossil fuel company may have blazed a trail, but the new direction of travel is stark. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. It would be completely inappropriate for us to get all the upside and them to get some greenwashing. 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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. 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. I Fully Converted a Home to Electricity. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. The UKs supply market is richly competitive handfuls of Ofgem licensees have gone bust in recent weeks and not even innogy can make head nor tail of it but new, digital-minded entrants have found success in a market desperately in need of innovation. 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. Boyle said the companyreceived 14 bids,seven of themfrom oil and gas companies. 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. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. In his role as Group CEO, Nick's dynamic leadership and vision has driven the company to tremendous success and in December 2017, Lightsource announced a strategic partnership with BP. We are using cookies to give you the best experience on our website. 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. But far be it from this to be a one-way relationship. [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. Up to 2010, he spent six years in the power finance team at Investec Bank, and prior to this Paul was Assistant Director of project finance at Rolls-Royce Power Ventures, an independent power project developer based in London. 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 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. As I look at the second half of the decade, we will still see massive growth in solar. More recently, its projects have been performing at the top end of that range, he said. If we're going to meet the commitments of the Paris Agreement, business as usual isn't going to cut it. 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. 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. Today were building projects in the U.K. andselling the electricity for 0.04. 2023 Lightsource. 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. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. 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. We already have momentum, Boyle says. Since then BP has brought in a new CEO, Bernard Looney, and discovered a renewed appetite for renewable energy. March 19, 2020 10:00 AM Eastern Daylight Time SAN FRANCISCO-- ( BUSINESS WIRE )--Lightsource BP, a global solar leader, today announced that it has successfully closed on a $250 million financing. His main and rather the only source of income is a professional career as an American football tight end which brings him great profits. 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. 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. Net Worth in 2022: $1 Million - $5 Million: Salary in 2022: Under Review . The solar industry is not without its challenges. Solar developer expects to take on 570 new employees this year, Its moving into markets such as South Korea and New Zealand, Photographer: Mike Plonsky/Lightsource BP. Lightsource quickly became the largest developer in the country and then the continent. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. When we laid out the Reimagining Energy strategy, the only speaker, other than our CEO Bernard Looney, was Nick Boyle. That wasn't due to a dearth of other speakers BP could have picked, he joked, but because Boyle could "demonstrate what we had done that had given us confidence for the future. The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. The project comprises 200,000LONGi Solar photovoltaic panels ground-mounted across 240 acres (97ha). 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. 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? [citation needed], In 2019, BP increased its stake in Lightsource BP to 50%. The potential for solar is absolutely huge.. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Jobs Number of Current Jobs 1 Nick Boyle is the Founder and CEO at Lightsource Renewable Energy.