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But it also sees the complementarity coming through from onshore and offshore wind, he said. With Lightsource now a decade oldand its partnership with BPinits fourth year,Lightsource BP CEO Nick Boyle and Dev Sanyal,BPs EVP for gas and low-carbon energy,spoke to GTM about their progress thus far and what the next 10years may hold. Lightsource bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Lightsource Renewable Energy Founder and CEO Feb 2010 Related Hubs Recent News and Activity Number of News Articles 2 Theres no slowing down solar, he says. Check out all of our energy storage resources. And fresh business brings fresh growth. 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. 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. If that doesnt illustrate where weve come in 10 years, I dont know what does, he said. Musk Made a Mess at Twitter. 2023 Lightsource. He started his career in 2015. He said BP's investment in the firm he founded was a "complete game changer" - especially since. [citation needed] In 2013, Lightsource completed a 5MW rooftop solar PV installation at Bentley Motors' factory in Crewe. . This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis. Lightsource BP was one of the companies that sourced their panels and components from the companies linked to Xinjiang, albeit prior to 2016 when the state-sanctioned abuse of Uyghur communities began to gain international attention. We were the biggest developer in Europe, purely by virtue of what we had done in the U.K.After developing 300 smaller sites, there wasnt much left we didnt understand" about the challenges that different sites can throw at a developer, Boyle added. In 2010, Nick founded Lightsource Renewable Energy, then just a six-person start-up, which quickly grew over 5 . This investment - Seed Round - Better Origin - was valued at $3M. Nick Boyle's income source is mostly from being a successful Player. In 2017, Nick spearheaded Lightsourcespartnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. 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. From my perspective, I find it amusing that people seem to be so focused on this number, because,for us, its not a challenge.. It has also agreed a deal to supply electricity to Amazon from an existing solar farm in Ohio, and to supply power to BP service stations from solar farms in New South Wales, Australia. [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. 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? Boyle is straightforward in his assertion that the two letters at the end of the name make Lightsource BP a sexier proposition than before. Nick founded Lightsource in 2010 as just a six-person start-up. Paul McCartie, Group Chief Investment Officer. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. Nick previously sat at Board and Senior Director level in several leading retail financial service companies. Nick Boyle's net worth is currently estimated at $7 million. 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. . 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 has said on the record that Lightsource BP is already hitting 8 to10 percent as a global average. 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. 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. He is a member of Lightsource bp's investment committee and a board director. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. 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. And theres an abundance of evidence to support Boyles argument. Yes, the market for energy worldwide is growing, but electricity as a subset is outpacing that in terms of its percentage. 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.. This is about, from a business perspective, both of us winning. The company was founded in 2010 as Lightsource Renewable Energy. With an Energy Crisis Brewing, No Peak in Sight for Emissions, Why TransitTech Is So Vital to Struggling Public Transportation Systems. 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. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. 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. 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. So, how much is Nick Boyle worth at the age of 29 years old? Sodid BPs experience with Lightsource BP help it to formulate that strategy? Global wind and solar power capacity grew at record rate in 2020, Original reporting and incisive analysis, direct from the Guardian every morning. Two years later that stake was increased to create the 50:50 joint venture in place today. Boyle said the companyreceived 14 bids,seven of themfrom oil and gas companies. PV is, in 60% of those countries the cheapest form of electricity generation. The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. 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[citation needed], In 2019, BP increased its stake in Lightsource BP to 50%. Lightsource bp's Group CEO is Nick Boyle. Nick Boyle founded Lightsource Renewable Energy in 2010 with five employees and a solar farm in Truro, Cornwall. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". 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. partnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. 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. That confidence that Lightsource BP has fed into that new strategy can also be illustrated through the numbers. Theres nothing like an unfair advantage. 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. More recently, its projects have been performing at the top end of that range, he said. It worked. 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. Staff numbers will almost double from fewer than 600 at the start of the year. 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. Lightsource bp Global CEO Nick Boyle speaks about the company's ambitious new target, and how they plan to achieve 25GW by 2025.----- Learn more about u. Thats not to say there isnt anything that BP hasnt introduced to Lightsource on a professional level. 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. Carbon Recycling: Microbes, Jet Fuel and Leggings. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. Throughout his career, Nick has always been recognised for his entrepreneurial skill and success in pairing retail financial products with low-risk, predictable investments. BP is a more rounded company because of what solar can do, and were a more rounded company with much, much further reach because of the relationship we have with BP and all that affords us, Boyle says. John Parnell December 01, 2020 X Will His AI Plans Be Any Different? Jake O'Kane: Is the DUP really going to sink the Assembly and reject the Windsor Framework? Other executives include Kevin Smith, CEO Americas; Kareen Boutonnat, CEO of Europe and International and 11 others. 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. Nick previously sat at Board and Senior Director level in a number of leading retail financial service companies. 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. There are lots of tangible outcomes of hard work. The future in hydrogen alone makes the 25GW target look small. [4], In 2016, the company launched Europe's largest floating solar project at the Queen Elizabeth II Reservoir, in Walton-on-Thames. From that initial conversation, everything sort of snowballed and took on a life of its own. He is a member of Lightsource bps investment committee and a board director. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. Lightsource BP, a solar developer part-owned by BP Plc, expects to add 570 employees around the world this year. People who compare the returns on solar with oil and gas miss the fact that theyre comparing an apple to a fish.. The potential for Lightsource BP appears to be just as bright. 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. They just have this very can-do, empowering mentality that suits us perfectly, Boyle says. This idea of 'build back better'is actually how you can createthe energy industry, the future, rather than just the past.. Lightsource group CEO and founder Nick Boyle said: "We founded Lightsource to lead the solar revolution and chose to partner with BP because, like us, their ambition is to build and grow this company for the long-term. 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! We're heavily. It might not be perfect in every case its not trying to be its trying to be part of the mix, he says. All rights reserved. Lightsource BP, a solar developer part-owned by BP Plc , expects to add 570 employees around the world this year. Thats the cycle in this industry.. Among those strategic firms were BP and another oil and gas giant, with BP eventually coming out victorious. [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. It would be completely inappropriate for us to get all the upside and them to get some greenwashing. 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 February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. Lightsource BPs Vendimia solar project in Spain. Nick Boyle: You make me sound very impressive. Now Boyle is poised to set out how Lightsource will help power one of the biggest corporate transformations ever attempted. His main and rather the only source of income is a professional career as an American football tight end which brings him great profits. Nick Boyle Nick Boyle Group CEO, Lightsource bp Published Dec 1, 2020 + Follow This month, our business becomes ten years old. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. 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. 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. 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. As well as Lightsources facilities, BP also plans to finance its own solar farms which the solar venture will develop and run as a gun for hire. 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. [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 10 years, Lightsource bp (LSbp) has gone from feisty start-up to shining light on the solar scene. The potential for solar is absolutely huge..