BP'sSeptembercapital markets eventalso revealed more details on the extent of the company'srenewable options. Dating & Relationship status He is currently single. 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. 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. [3] In 2011, the company's first solar park was established in Truro. From small beginnings, the company has gone on to big things, now with activities in 14 countries. The new target is now for Lightsource BP to more than double its planned solar rollout, to 25GW by 2025. In 2018, the company completed its first international installation, a 60MW solar farm in Maharashtra, India. 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. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. Mary Louise Kelly's income source is mostly from being a successful Novelist. Sodid BPs experience with Lightsource BP help it to formulate that strategy? Deployment ramped up quickly, and between 2014 and 2016, the U.K. was the largest end market in Europe, overtakingGermany. Lightsource BP Founder: Nick Boyle How about Lightsource BP's number_of_employe? During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. All rights reserved. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Boyle insists that it is therefore common sense that O&G firms are getting involved in solar, describing it as a natural progression for the organisations. Europe, Menlo Park, China), This describes the type of investor the person is (e.g. Lightsource bp has an established track record in building and growing partnerships with investors over the last 10 years. Lightsource BPs initial goal was to use the oil giants financial muscle to grow a 1.6 gigawatt pipeline of solar projects to a portfolio of 10GW of solar investments by 2023. 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. 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. 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 Grid Edge comprises technologies, solutions and business models advancing the transition toward a decentralized, distributed and transactive electric grid. Staff numbers will almost double from fewer than 600 at the start of the year. You can find out more about which cookies we are using or switch them off in settings. Boyle is straightforward in his assertion that the two letters at the end of the name make Lightsource BP a sexier proposition than before. Since then BP has brought in a new CEO, Bernard Looney, and discovered a renewed appetite for renewable energy. With headquarters in London, the Lightsource is now active across EMEA, The Americas and APAC. Follow along as he lays out the blueprint for his career, and takes us all the way from his first sketch to his thriving personal brand, Spunge. 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? His net worth has been growing significantly in 2021-2022. PV is, in 60% of those countries the cheapest form of electricity generation. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. Couldn't agree more Nick, also amazing that BP is the first super-major energy company to make such a commitment. Why would we go to a market where BP arent, when we could go to a similar where they are, and get afforded all of that extra support, Boyle says. 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. It is less than a year since the oil corporation BP, the ventures joint-owner, thrust it into the spotlight by unveiling plans to grow its renewable energy generation 20-fold within this decade. 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. That much is borne out from watching developments in the market that have followed BPs own move. And big companies like Amazon, McDonald's and eBay are switching to clean energy. See the full leadership team at Craft. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. He is not dating anyone. Nick Boyle Net Worth The company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. 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. 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. What the Frack Is Happening With Natural Gas Prices? Commenting on the announcement, Nick Boyle, Lightsource BP CEO, said: "We are delighted to welcome Kevin to Lightsource BP. 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. 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 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. Nick Boyle's net worth is currently estimated at $7 million. Check out Lightsource BP's net worth in US Dollar Aug, 2022. . Nick previously sat at Board and Senior Director level in a number of leading retail financial service companies. We already have momentum, Boyle says. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Generous government subsidies were implemented to help get the emerging technology off the ground. BPs interest in Lightsource first crystallised within an external funding opportunity which was led by Rothschilds. 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. 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. Dev Sanyal, BP's head of gas and low-carbon initiatives, and Lightsource BP CEO Nick Boyle discuss the past, present and future of their joint venture. Nick Boyle invested in Better Origin on Feb 23, 2021. You can find out more about which cookies we are using or switch them off in settings. Weve got a predominantly [Organisation for Economic Co-operation and Development]-focused footprint at the moment. [6] The company was accordingly renamed Lightsource BP. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. 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. UK Government unveils 5 million Heat Training Grant as skills shortage concerns grow, OVO launches EV charging tariff three times cheaper than UK average, Shapps sets out objectives for DESNZ at crucial turning point for Britains energy resilience, DESNZ must review plans to achieve offshore wind and nuclear targets, says National Audit Office, Ofgem publishes proposals for a new local, flexible energy system. 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.. Group chief executive Nick Boyle said: Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. Choose a career where you are empowered to change the world! 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 might not be perfect in every case its not trying to be its trying to be part of the mix, he says. But for now, Lightsource BP makes up 83 percent of its 20 GWdevelopment pipeline, withanother 21 GW of what it calls early-stage options.Sanyal said he expectsthe initial 20 GW target for 2025 to be largely serviced by solar,with more diversification coming for the 50 GW goal set for 2030. Will His AI Plans Be Any Different? Paul McCartie, Group Chief Investment Officer. Nick Boyle founded Lightsource Renewable Energy in 2010 with five employees and a solar farm in Truro, Cornwall. Lightsource bp's Group CEO is Nick Boyle. [citation needed]. Lightsource BP won the offtake contract through a 450MW tender process. 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. 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. 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. From that initial conversation, everything sort of snowballed and took on a life of its own. Rebranded as Lightsource BP, the company has committed to aggressively accelerate the low carbon transition, and this powerhouse partnership is set to shape . This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis. Check out all of our energy storage resources. 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? You can directly influence, create and achieve things here, its what makes us different. 2023 Greentech Media or its affiliated companies. 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. [2] At the same year, the company established teams in North America, the Netherlands and India. At 28 years old, Nick Boyle height is 193 cm and Weight 122 kg. 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. It takes a lot of energy. Shell snapped up US developer Silicon Ranch mere weeks after the Lightsource BP deal was announced, and both Orsted (formerly DONG) and Equinor (formerly Statoil) have spoken of solar ambitions. [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. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. articles a month for anyone to read, even non-subscribers! 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. 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. Within five years, Lightsource became Europe's largest solar player and operator. 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 the cycle in this industry.. Lightsource BP won the offtake contract through a 450 MW tender process. This investment - Seed Round - Better Origin - was valued at $3M. Lightsource BP earlier this month struck a deal to build the largest solar farm in the US state of Louisiana to supply clean energy to McDonalds and eBay. Claire Skinner: You are terribly impressive. 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. Lightsource's search coincided with BP's hunt for a solar developer to partner with. In 2010 the British solar developer Lightsource was formed. Since last December operations have been opened in Egypt and Brazil amongst others, and the company is now active in 11 jurisdictions worldwide. . Its time to start taxing shareholder payouts, Profits at worlds seven biggest oil firms soar to almost 150bn this year, British Museum urged to drop BP sponsor deal for Egypt exhibition, BPs joint solar venture Lightsource BP to more than double expansion by 2025. Will His AI Plans Be Any Different? Batteries are helping to optimize the power grid and opening up new applications and services for utilities and service providers. 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. (Credit: BP). Floating solar, bifacial modules and the central versus string inverters debate sit on Lightsource BPs immediate R&D list at the moment. announced a strategic partnership with BP which has committed aggressively to accelerate the low carbon transition. She is from Germany. 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. BP has evidently lit something of a fire under Lightsources global ambitions, but not at least not yet given the firm aspirations of a more entrenched role in the energy market. Theres nothing like an unfair advantage. Back in 2010, I couldnt have imagined the solar industry we find ourselves in now. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. At the company'sSeptembercapital markets event, Sanyal presented a slide demonstrating how BP planned to get 8 to10 percent returns from low-carbon electricity of all forms. The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. 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. Nick Boyle: You make me sound very impressive. 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. So you founded Lightsource in 2010. During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. Free intelligence and insights from industry experts and leading companies on the global energy transformation. 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.