Petrobras has secured a 49.99 % minority stake in Lightsource bp’s Brazilian solar subsidiaries through a joint‑venture that will share management responsibilities. The transaction, announced on December 16, 2025, gives Petrobras control of a portfolio that includes a 212 MWp operational park in Ceará and a development pipeline of 1–1.5 GW of solar projects in advanced stages of construction.
The combined assets represent more than 1 GW of clean‑energy capacity, far exceeding the “several hundred megawatts” figure previously cited. Lightsource bp’s pipeline is positioned to deliver new solar generation in the coming years, while the Milagres park already contributes 212 MWp to Brazil’s grid, providing Petrobras with immediate generation and a foothold in the country’s fastest‑growing renewable sector.
Strategically, the deal aligns with Petrobras’s 2026‑2030 Business Plan, which prioritizes portfolio diversification and a “just transition” to low‑carbon energy. By entering the solar market, Petrobras expands beyond its traditional oil and gas operations, gaining experience in renewable development and positioning itself to meet Brazil’s ambitious renewable‑energy targets.
The transaction is not material in monetary terms for Petrobras; the company has stated that the deal’s value is not materially significant. Nevertheless, the strategic value lies in the long‑term growth potential of Brazil’s solar market and the opportunity to build a renewable portfolio that complements its existing assets.
Petrobras CEO Magda Chambriard said the partnership “represents a significant advance in the company’s trajectory toward a just energy transformation and adds to renewable generation projects currently being implemented by Petrobras.” The quote underscores the company’s commitment to sustainability and its intent to leverage Lightsource bp’s expertise.
Brazil’s electricity mix is already heavily renewable, with hydropower accounting for the majority of generation. The country aims for a 45 % renewable share of its total energy matrix by 2030, and the solar sector is expected to grow rapidly. Petrobras’s entry into solar therefore positions it to capture a share of this expanding market and supports the national goal of diversifying energy sources beyond hydropower.
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