Petrobras enters Brazil solar energy segment in deal for 49.99% of Lightsource bp subsidiaries
SAO PAULO, Dec 16 (Reuters) - Brazil's state-run oil company Petrobras PETR3.SA signed a deal to acquire 49.99% of Lightsource bp's subsidiaries in the country, the firms said in a statement on Tuesday.
The new partnership, which marks Petrobras' entry into the solar energy segment, will be structured as a joint venture and aligns with the Brazilian firm's 2026–2030 business plan to diversify its portfolio.
Financial details about the agreement were not disclosed.
Lightsource bp, a unit of British oil company BP BP.L, has a pipeline of between 1 and 1.5 gigawatts in advanced stages of development, in addition to other less mature projects in Brazil.
"This partnership represents a fundamental advance in the company's trajectory towards a just energy transition and adds to the renewable generation projects being implemented by Petrobras," CEO Magda Chambriard said in the statement.
The companies added that completion of the transaction is still subject to regulatory approvals.
The new joint venture aims to develop profitable renewable energy projects and increase the presence of both firms among the main players in the Brazilian renewable energy sector, they said.
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