Strategic Partnership Formed
Petrobras, Brazil's state-owned oil company, announced on December 16, 2025, the signing of an agreement to acquire a 49.99% stake in the Brazilian subsidiaries of Lightsource BP. This move establishes a new joint venture aimed at developing onshore renewable energy projects across Brazil. The partnership will feature shared management between the two companies.
The transaction is subject to regulatory approvals. While specific financial details were not disclosed, Petrobras indicated that the value of the deal is not materially significant for the company at its current stage.
Focus on Solar Energy and Project Pipeline
The newly formed joint venture will immediately take over the operation of the Milagres solar park in Ceará, which has been active since 2023 and boasts an installed capacity of 212 MWp, making it one of the largest solar installations in the state. Lightsource BP will contribute a substantial development pipeline, including projects totaling between 1 GW and 1.5 GW in more advanced stages, alongside other less mature initiatives across Brazil.
Lightsource BP, which became a wholly owned BP subsidiary in October 2024, specializes in developing renewable energy assets and subsequently partnering with other entities. The company has a global development pipeline exceeding 55 GW.
Petrobras's Renewable Energy Ambitions
This partnership represents a significant step for Petrobras, marking its formal entry into the solar power generation segment and expanding its presence in Brazil's renewable energy market. The initiative aligns with the company's 2026-2030 business plan, which emphasizes portfolio diversification and a commitment to decarbonization.
Magda Chambriard, CEO of Petrobras, stated that this partnership 'represents a fundamental advance in Petrobras' trajectory toward a just energy transition' and complements existing renewable generation projects within the company. Petrobras aims to install 56 megawatts of solar capacity by 2027, with 10 megawatts already operational at its Gabriel Passos refinery.
Future Outlook
The collaboration is expected to leverage Lightsource BP's extensive experience in developing, constructing, and operating large-scale onshore renewable energy projects, combined with Petrobras's strategic capabilities. Joaquin Oliveira, CEO of Lightsource BP, highlighted the company's nearly seven years of local expertise in Brazil, covering all phases of project development, construction, and operation. The joint venture aims to develop profitable renewable energy projects and strengthen the position of both companies within Brazil's growing renewable energy sector.
9 Comments
BuggaBoom
Finally, Petrobras is embracing the future! Great move towards clean energy.
Loubianka
This joint venture provides a much-needed boost to Brazil's renewable energy capacity and aligns with global decarbonization efforts. However, Petrobras must ensure this isn't just a token investment and actively scales up its green portfolio significantly over time.
Eugene Alta
Still an oil company at heart. This is a PR stunt, nothing more.
Donatello
Huge win for renewables in Brazil! Diversification is key for Petrobras.
Leonardo
The partnership is a welcome sign of Petrobras's evolving business plan and commitment to a 'just energy transition.' Still, the true impact will depend on how quickly and aggressively they expand beyond the initial projects, rather than just maintaining their oil dominance.
Eugene Alta
Excellent strategy for Brazil's energy security and decarbonization. A step in the right direction!
KittyKat
Less than 50% stake? Petrobras is not serious about renewables.
Katchuka
Where are the financial details? Something smells fishy.
BuggaBoom
Just greenwashing from an oil company. Don't fall for it.