Petrobras has completed the acquisition of a 49.99% stake in Lightsource bp’s subsidiaries in Brazil, advancing a strategic partnership focused on onshore renewable energy and energy storage projects in the country.
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The Brazilian energy company announced on May 20 that the transaction follows its December 16, 2025 disclosure and was finalized after receiving the necessary regulatory approvals.
Under the agreement, Petrobras and Lightsource bp will operate through a joint venture structure with shared management responsibilities. The arrangement includes a Board of Directors equally composed of representatives from both companies.
The partnership gives Petrobras greater exposure to Brazil’s renewable energy sector as it moves to expand its solar generation portfolio under its 2026–2030 Business Plan.
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“Lightsource bp will contribute assets and projects in Brazil, including the Milagres photovoltaic solar plant (212 MWp), currently in operation, as well as projects in advanced stages of development. Petrobras will contribute its expertise in engineering, licensing, and regulation, as well as its strategic direction for operations in renewable energy,” Petrobras disclosed.
Petrobras plays a central role in Brazil’s energy landscape as operator of major offshore and onshore oil and gas assets. The company produces crude and refined petroleum products that support transportation, industry, and aviation across Brazil and in export markets.
The company continues to dominate offshore operations in Brazil, controlling 36 of the country’s 49 offshore rigs.
Lightsource bp, on the other hand, operates in more than 15 countries and has developed 14.2 gigawatts of renewable capacity globally, with a project pipeline exceeding 52 gigawatts.
Petrobras noted that the acquisition strengthens its position in Brazil’s energy transition efforts through increased participation in solar generation and energy storage initiatives.
