By Brazil Stock Guide – Petrobras said Tuesday (16) it has signed an agreement with Lightsource BP, a renewable energy company controlled by BP, to form a strategic partnership in Brazil’s onshore renewables market, marking a key step in the company’s expansion into large-scale solar power.
Under the agreement, Petrobras will acquire a 49.99% stake in Lightsource BP’s Brazilian subsidiaries. The transaction, which is subject to regulatory approvals, will be structured as a joint venture with shared management between the two companies, according to a statement released by Agência Petrobras.
The move significantly broadens Petrobras’ exposure to renewable energy generation. Until now, the company’s solar initiatives have been largely limited to self-generation projects at industrial assets such as refineries. Petrobras plans to install 56 megawatts of solar capacity by 2027, with 10 megawatts already operating at the Gabriel Passos refinery, known as Regap.
By partnering with Lightsource BP, Petrobras will be able to expand its solar operations beyond internal consumption and supply other customers, while also establishing a platform that could incorporate additional renewable businesses, including energy storage. The company said the deal supports its strategy to diversify its energy portfolio and advance decarbonization.
“This partnership represents a fundamental advance in Petrobras’ trajectory toward a just energy transition,” Chief Executive Officer Magda Chambriard said. “It complements the renewable generation projects already being implemented at our assets, such as the Regap and Replan refineries.”
Chambriard said the company intends to take a leadership role in Brazil’s energy transition. “We are committed to expanding our presence in new energy sources, promoting the decarbonization of our operations and producing more sustainable fuels, while continuing to provide the energy needed for Brazil’s development,” she said.
Lightsource BP will contribute a development pipeline of between 1 and 1.5 gigawatts of projects at more advanced stages in Brazil, in addition to earlier-stage assets. The joint venture will also include the Milagres solar photovoltaic plant in Abaiara, in the state of Ceará, which has been operating since 2023 with 212 megawatts-peak of installed capacity, making it one of the largest solar facilities in the state.
“Together, this partnership will combine Lightsource BP’s end-to-end expertise in onshore renewables and energy storage with Petrobras’ strategic capabilities to further accelerate the growth of low-carbon energy solutions across Brazil,” said Joaquin Oliveira, chief executive officer of Lightsource BP.
Oliveira highlighted the company’s nearly seven years of local experience in Brazil, covering development, construction and operations. “We will continue to generate value for the business, our customers and our stakeholders. We are enthusiastic about this partnership with Petrobras,” he said.
The companies said the joint venture aims to develop profitable renewable energy projects and strengthen the position of Petrobras and Lightsource BP among Brazil’s leading renewable energy players. Completion of the transaction will depend on approvals from the relevant regulatory authorities.