Petrobras has entered into a joint‑venture agreement to acquire a 49.99 % equity stake in Lightsource bp’s Brazilian subsidiaries, with BP retaining the remaining 50 %. The transaction value has not been disclosed and is not considered material to Petrobras’s balance sheet, but the deal gives the state‑run oil company a controlling interest in a growing segment of Brazil’s solar market.
The Brazilian portfolio that Petrobras is acquiring includes the operational Milagres solar park in Ceará, which delivers 212 MWp of clean power, as well as a pipeline of 1‑1.5 GW of projects in advanced development stages and additional early‑stage projects. These assets provide an immediate production base and a clear path to scale within the country’s expanding renewable‑energy sector.
For Petrobras, the acquisition aligns with its 2026‑2030 Business Plan, which targets a 10 % share of Brazil’s wind and solar generation market by 2028 and a total of 5 GW of photovoltaic and wind capacity in operation or under construction by that year. The company has earmarked US$5.2 billion for renewable investments between 2024 and 2028 and US$16.3 billion for low‑carbon initiatives from 2025 to 2029, positioning the solar stake as a strategic foothold in a high‑growth market.
BP’s decision to divest half of its Brazilian solar assets reflects the company’s broader strategy reset, which prioritizes core oil and gas operations while trimming non‑core renewable holdings. By selling a 50 % interest in Lightsource bp’s Brazilian subsidiaries, BP frees liquidity for its core businesses while maintaining a presence in solar through the joint venture, thereby balancing portfolio optimization with continued renewable engagement.
The joint‑venture structure will involve shared management and regulatory approvals, with completion expected in the coming months. The deal signals Petrobras’s deepening commitment to renewable energy and BP’s selective divestiture strategy, reshaping both companies’ positions in Brazil’s evolving energy landscape.
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