The project comprises 200,000LONGi Solar photovoltaic panels ground-mounted across 240 acres (97ha). 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. In 2018, the company completed its first international installation, a 60 MW solar farm in Maharashtra, India. 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. We know that the sun will come up and the sun will go down so were essentially creating an annuity of very predictable generation multiplied by a fixed price that has already been agreed with some of the largest companies in the world.. And theres an abundance of evidence to support Boyles argument. People who compare the returns on solar with oil and gas miss the fact that theyre comparing an apple to a fish.. Yes, the market for energy worldwide is growing, but electricity as a subset is outpacing that in terms of its percentage. announced a strategic partnership with BP which has committed aggressively to accelerate the low carbon transition. 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. Among those strategic firms were BP and another oil and gas giant, with BP eventually coming out victorious. Nick is Global CEO and founder, starting up Lightsource Renewable Energy in 2010. 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. 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. The numbers illustrate the point rather well. Paul McCartie, Group Chief Investment Officer. Lightsource bp Renewable Energy Investments Limited. Rebranded as Lightsource BP, the company has committed to aggressively accelerate the low carbon transition, and this powerhouse partnership is set to shape . 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. In the year thats followed, Boyle and chief operations officer Kareen Boutonnat have insisted that it remains business as usual, but with a capital B, as Boyle puts it. 2023 Lightsource. The one concern I dont have is a poverty of options., The pace of the energy transitions prospects hasbeen accelerated by COVID," he added. Tomorrow marks one year to the day since BP announced a US$200 million (148 million) investment in solar developer Lightsource, in a move which saw the energy giant return to the solar sector by picking up a 43% stake in the London-based firm. Lightsource BP won the offtake contract through a 450MW tender process. In February of this year, BP announced its intention to reachnet-zero carbon emissions by 2050 and revealedfurther details during a Septembercapital markets event. 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. 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. View the executive profile of Nick Boyle, Group Chief Executive Officer at Lightsource Renewable Energy, on Equilar BoardEdge to see current and past work history and gain access to Nick Boyle's network of 5 business contacts. 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. 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 bp has obtained environmental permits for 19 solar projects, creating over 5000 jobs and avoiding 900,000 tons of CO2. Boyle is straightforward in his assertion that the two letters at the end of the name make Lightsource BP a sexier proposition than before. 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. Within five years, Lightsource became Europe's largest solar player and operator. We develop, finance, build and operate utility-scale solar power projects through smart and sustainable solutions. Two years later that stake was increased to create the 50:50 joint venture in place today. It consists of more than 5,000panels that can generate enough electricity to supply 430homes in the area. 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. Musk Made a Mess at Twitter. 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. On this Wikipedia the language links are at the top of the page across from the article title. Modern slavery and human trafficking statement, Health, safety, security, environment policy, Code of Business Conduct and Ethics for Counterparties. Claire Skinner: You are terribly impressive. 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. 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. Generous government subsidies were implemented to help get the emerging technology off the ground. Nick Boyle Nick Boyle Group CEO, Lightsource bp Published Dec 1, 2020 + Follow This month, our business becomes ten years old. Personally, I find that half of the fun of my role is all that there is to do. 2023 Greentech Media or its affiliated companies. He is not dating anyone. . They were doing a survey of developers, and what types of systems and processes they have in-house, and they were very surprised by the way we run things, Boutonnat adds. 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. 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. TE Nick Boyle earned $25,785,075 in his NFL career. 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. Lightsource BPs Vendimia solar project in Spain. Carbon Recycling: Microbes, Jet Fuel and Leggings. Group chief executive Nick Boyle said: Globally, renewable energy is shifting from a mindset of gigawatts to terawatts. After what he calleda period of strategic introspection, which included scrutinizing35 companies,BPmade itsinitial $200 million investment in Lightsource in 2017, creating Lightsource BP. Nick Boyle: You make me sound very impressive. It takes a lot of energy. That much is borne out from watching developments in the market that have followed BPs own move. [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. It also has a 1.1 GW onshore wind portfolio in the U.S. Suddenly, government-backed energy offtakers and bankable counterparties alike are keener to do business. Deployment ramped up quickly, and between 2014 and 2016, the U.K. was the largest end market in Europe, overtakingGermany. 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 company has rebranded to Lightsource BP in affirmation of this powerhouse commitment which is set to shape the future of global energy delivery. The culture of Lightsource bp is one of the things Im most proud of. Musk Made a Mess at Twitter. They just have this very can-do, empowering mentality that suits us perfectly, Boyle says. At 28 years old, Nick Boyle height is 193 cm and Weight 122 kg. "The target is 10GW by 2023," Nick Boyle told The National in an interview in Abu Dhabi. The wind industry is in a period of intensifying competition and shifting demand that requires a multi-faceted view of the global market. It worked. Floating solar, bifacial modules and the central versus string inverters debate sit on Lightsource BPs immediate R&D list at the moment. 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. Three years ago nobody was talking about green hydrogen in any great degree of analysis,Sanyal said. Nick Boyle invested in Better Origin on Feb 23, 2021. The potential for Lightsource BP appears to be just as bright. (Credit: BP). In 2018, the company completed its first international installation, a 60MW solar farm in Maharashtra, India. [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. Green hydrogen is the perfect example of this. Nick Boyle Group CEO Nick is Global CEO and founder, starting up Lightsource Renewable Energy 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. Will His AI Plans Be Any Different? Will His AI Plans Be Any Different? During his tenure, Paul has raised over 1.6 billion of project financing and led the recent BlackRock equity transaction in the UK. We're heavily. So you founded Lightsource in 2010. The project comprises 200,000 LONGi Solar photovoltaic panels ground-mounted across 240 acres (97 ha). As I look at the second half of the decade, we will still see massive growth in solar. Ask the dentist: Why can some people not cope with the word 'fat'? BP and Lightsource announced the partnership in December. Jobs Number of Current Jobs 1 Nick Boyle is the Founder and CEO at Lightsource Renewable Energy. And yet, thats exactly what we did.. Tom Allen is Completely committed to comedy and 'Auntie Glo', Weekend Q&A: ran Clarke from NI Opera's Nobody/Somebody, Mary Kelly: Unionists' tendency to turn a gift horse into a tin of dogmeat is legendary - and their Westminster chums are getting fed-up with it. Investments are being made by the billion, not the million. In 10 years, Lightsource bp (LSbp) has gone from feisty start-up to shining light on the solar scene. Nick previously sat at Board and Senior Director level in a number of leading retail financial service companies. Procurement agreement with US-based manufacturer. What would you like to know about Nick Boyle? Lightsource's search coincided with BP's hunt for a solar developer to partner with. It was at the end of 2017 that the oil giants acquisition of 43% of the company, now rebranded as Lightsource BP, was agreed. It would be completely inappropriate for us to get all the upside and them to get some greenwashing. Oils $128 Billion Handout as Doubts Grow About Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Alphabet Must Negotiate If Contract Staff Unionize, Labor Board Official Rules, OpenAI Rival Stable Diffusion Maker Seeks to Raise Funds at $4 Billion Valuation, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, Turkeys Erdogan Criticizes Rivals Over Candidate Squabbles, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. 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. [4], In 2016, the company launched Europe's largest floating solar project at the Queen Elizabeth II Reservoir, in Walton-on-Thames. It takes a lot of energy. 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. 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. 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. His net worth has been growing significantly in 2021-2022. He said BP's investment in the firm he founded was a "complete game changer" - especially since. We are using cookies to give you the best experience on our website. You can find out more about which cookies we are using or switch them off in settings. 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 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. So, how much is Nick Boyle worth at the age of 29 years old? If we compare what BP is like to what our previous [funders] were like, there is no comparison. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. The joy of working for Lightsource bp is having the freedom and the responsibility to go out and achieve things. Sodid BPs experience with Lightsource BP help it to formulate that strategy? 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. [5], In 2016, Lightsource completed the Crookedstone Solar Farm, in Antrim, Northern Ireland, which provides a third of the Belfast International Airport's electricity needs.[1]. [6] The company was accordingly renamed Lightsource BP. 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. Boyle has said on the record that Lightsource BP is already hitting 8 to10 percent as a global average. Lightsource bp's Group CEO is Nick Boyle. 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. Those numbers might sound as ridiculous as selling U.K. solar power for 0.04 per kilowatt-hour sounded in 2010. But not even in my wildest dreams would I have assumed that it was going to rise at the pace that it has, Boyle says. N ick 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. Cardiff see off Bristol City for impressive derby win, Ange Postecoglou feels Viaplay Cup win has sharpened competition at Celtic. Other executives include Kevin Smith, CEO Americas; Kareen Boutonnat, CEO of Europe and International and 11 others. BP will invest $200 million in Lightsource over three years for a 43% stake in the business. This trend proves that renewables are mainstream and solar is playing a key role in addressing the climate crisis. This website uses cookies so that we can provide you with the best user experience possible. And fresh business brings fresh growth. The solar industry is not without its challenges. 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. Boyle said the companyreceived 14 bids,seven of themfrom oil and gas companies. Lightsource BP is part of an exploratory project in Australia to develop a wind- and solar-powered green hydrogen export hub of up to 1.5 GW. Mary Louise Kelly's income source is mostly from being a successful Novelist. Lightsource BP, a solar developer part-owned by BP Plc, expects to add 570 employees around the world this year. In 2017, BP acquired a 43% stake in the company by investing $200million. I was talking to Accenture recently. Nick Boyle contract and salary cap details, including signing bonus, guaranteed salary, dead money, roster bonuses, and contract history. 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. partnership with global energy company bp, resulting in a 50:50 joint venture and the company rebranding to Lightsource bp. . Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Ongoing US sanctions against Chinas solar supply chain threaten to raise costs, and slow the pace of the industry globally. I already had experience in renewables in Europe, and it was clear to me that there was a great opportunity and a lot of potential in the proposition in the UK. With an Energy Crisis Brewing, No Peak in Sight for Emissions, Why TransitTech Is So Vital to Struggling Public Transportation Systems. [3] In 2011, the company's first solar park was established in Truro. 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. 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. 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. Theres no slowing down solar, he says. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. From small beginnings, the company has gone on to big things, now with activities in 14 countries. It all began at the end of 2010, when Lightsource Renewable Energy set up shop with six people crammed into a tiny corner of a London office. Nick Boyle founded Lightsource Renewable Energy in 2010 with five employees and a solar farm in Truro, Cornwall. Theres nothing like an unfair advantage. This investment - Seed Round - Better Origin - was valued at $3M. articles a month for anyone to read, even non-subscribers! 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. Policy & regulation are aligning with renewables cost declines to make projects more profitable and portfolios more sustainable. BPs interest in Lightsource first crystallised within an external funding opportunity which was led by Rothschilds. The oil giant'searly forays into solar manufacturing weren't well aligned with its core business and endedin 2011. Throughout his career, Nick has always been recognised for his entrepreneurial skill and success in pairing retail financial products with low-risk, predictable investments. I Fully Converted a Home to Electricity. 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. 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. Thats whenLightsource recognizedthat the sector was ready to industrializeand that it would need a partner to do so, which led it to approach the investment bank Rothschild. Following the completion of the transaction, the company will be renamed Lightsource BP. He is a member of Lightsource bps investment committee and a board director. 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. Earlier this year reports emerged that some of Chinas biggest solar companies may have ties to Uyghur forced-labour camps in Xinjiang via polysilicon production. 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 BP, like most, if not all, solar developers in the UK active since 2015, endured some troubled times as the Conservative axe fell on a whole range of subsidies following their election in May 2015. The current team he plays for is Baltimore Ravens (january 2022). You can directly influence, create and achieve things here, its what makes us different. Lightsource quickly became the largest developer in the country and then the continent. Couldn't agree more Nick, also amazing that BP is the first super-major energy company to make such a commitment. 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. 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. 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. According to our Database, He has no children. Through its involvement in the firm, BP has been able to fling open doors that Lightsource wouldve otherwise struggled to move by an inch. Today were building projects in the U.K. andselling the electricity for 0.04. Nick Boyle, group CEO, also described the market potential of solar as "absolutely ridiculous". 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. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has participated in, Total number of current Jobs the person has, Number of news articles that reference the Person, Riverbed names Nick Boyle VP of APJ sales, Better Origin, which turns flies into food for chickens, raises $3M from Fly Ventures.