Petrobras acquired 49.99% of Lightsource bp’s subsidiaries in Brazil with the aim of developing onshore renewable energy projects in the country.
TozziniFreire Advogados represented the buyer, while Machado Meyer assisted the target company.
The partnership will be structured as a joint venture, with shared management between Petrobras and Lightsource bp. Through this alliance, Lightsource bp will contribute a pipeline of 1-1.5 gigawatts (GW) of projects in more advanced stages of development, as well as other ongoing projects in Brazil. Its portfolio includes the Milagres solar park (Ceará), in operation since 2023 with 212 megawatts peak (MWp) of installed capacity.
“Our participation in this transaction has been fundamental for the client, given our extensive experience in the renewable energy sector and our in-depth knowledge of the regulatory and commercial frameworks governing this type of acquisition. We facilitated the negotiations and due diligence processes, ensuring that Petrobras is well positioned to maximize operational synergies and mitigate the potential risks associated with the integration of these projects,” TozziniFreire said in a statement.
The closing of the transaction is subject to the relevant approvals, including those of the competent regulatory agencies.
Relevance to the sector
The cluster and project portfolio, currently owned by Lightsource bp, represent not only an opportunity for Petrobras to improve its renewable energy capabilities, but also to take significant steps toward achieving its carbon neutrality goals.
With this operation, Petrobras strengthens its presence in the solar power generation segment in Brazil, a commitment included in its 2026-2030 Business Plan that is in line with the diversification of its portfolio.
Legal Advisors
Petrobras Advisors:
- TozziniFreire Lawyers: Partners Leonardo Miranda, Luiz Filipe Aranha, and Ligia Pereira Schlittler. Counsel Fabiana Pasmanik. Associates Thiago Rodrigues da Silva and Ana Carolina Porcionato.
Lightsource Advisors bp:
- Machado Meyer: Partner Virgil Lopes Enei. Associates Marcella Duffles Amarante and Julia Souza Torres.
