Petrobras Acquires 49.99% Stake in Lightsource bp's Brazilian Solar Joint Venture

Petrobras has acquired a 49.99% stake in Lightsource bp's Brazilian subsidiaries to co-develop 1-1.5 GW of solar projects, with construction expected to start in 2026 pending regulatory approvals. The joint venture will focus on targeting industrial and utility power purchase agreements (PPAs) and may incorporate battery storage to manage peak demand.

This partnership aligns with Petrobras's strategy for 2026-2030 to diversify into clean energy and mitigate development risks. Lightsource bp will benefit from Petrobras's local expertise to enhance grid connections, permitting, and financing in Brazil's competitive solar market, which is driven by increasing industrial and data-center energy demand.