Lightsource bp, Petrobras (NYSE: PBR) close Brazil renewables joint venture

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras has completed acquiring a 49.99% equity interest in Lightsource bp’s Brazilian subsidiaries, formalizing a strategic joint venture in onshore renewable energy and energy storage. The partnership has shared governance, with a Board of Directors equally represented by both companies, and was completed after receiving required regulatory approvals.

Lightsource bp is contributing Brazilian assets and projects, including the operating Milagres solar PV plant with 212 MWp and projects at an advanced development stage. Petrobras contributes its engineering, licensing and regulatory expertise and uses this venture to expand its solar and renewable energy presence in Brazil, aligned with its 2026–2030 Business Plan.

Insights

Energy transition and strategy analyst

Petrobras formalizes a renewables JV with Lightsource bp, expanding Brazilian solar and storage exposure.

The completion of this deal gives Petrobras a 49.99% stake in Lightsource bp’s Brazilian subsidiaries, structured as a joint venture with shared governance. This embeds Petrobras alongside an established global independent power producer in onshore renewables and storage.

Lightsource bp contributes the operating 212 MWp Milagres solar PV plant plus advanced-stage projects, while Petrobras adds engineering and regulatory capabilities. The filing explicitly ties this move to Petrobras’s 2026–2030 Business Plan, indicating renewables expansion as a formal strategic pillar rather than an isolated project.

Key Figures

Equity interest acquired: 49.99% equity stake Milagres solar plant capacity: 212 MWp Developed capacity by Lightsource bp: 14.2 GW +2 more

5 metrics

Equity interest acquired 49.99% equity stake Equity interest in Lightsource bp’s Brazilian subsidiaries

Milagres solar plant capacity 212 MWp Milagres solar PV plant currently in operation in Brazil

Developed capacity by Lightsource bp 14.2 GW Global renewable capacity developed by Lightsource bp

Project pipeline potential over 52 GW Lightsource bp global project pipeline potential

Countries of operation more than 15 countries Lightsource bp presence across three global regions

Key Terms

joint venture, onshore renewable energy, solar PV plant, energy storage, +1 more

5 terms

joint venture financial

"The partnership is structured as a joint venture with shared governance"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

onshore renewable energy financial

"establishing a strategic partnership in onshore renewable energy in the country"

solar PV plant technical

"including the Milagres solar PV plant (212 MWp), currently in operation"

energy storage technical

"strategic partnership in onshore renewable energy in the country, including energy storage"

Energy storage involves capturing and holding excess energy produced during periods of low demand for later use when demand is higher. Think of it like a rechargeable battery that saves power for when it’s needed most. For investors, energy storage is important because it helps balance supply and demand, making energy systems more reliable and efficient, which can influence the value of energy-related assets and technologies.

project pipeline financial

"a project pipeline with potential exceeding 52 GW"

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FAQ

What transaction did Petrobras (PBR) complete with Lightsource bp in Brazil?

Petrobras completed acquiring a 49.99% equity interest in Lightsource bp’s Brazilian subsidiaries. This creates a joint venture focused on onshore renewable energy and energy storage projects in Brazil, combining Lightsource bp’s assets and pipeline with Petrobras’s engineering and regulatory expertise.

What assets are included in Petrobras’s joint venture with Lightsource bp?

Lightsource bp contributes Brazilian renewable assets, including the Milagres solar PV plant rated at 212 MWp and additional projects at an advanced development stage. These assets become part of the new joint venture, giving Petrobras immediate operating solar capacity plus a visible growth pipeline.

How is governance structured in the Petrobras–Lightsource bp renewable energy partnership?

The partnership is structured as a joint venture with shared governance and a Board of Directors featuring equal representation from Petrobras and Lightsource bp. This arrangement gives both parties balanced oversight over strategic decisions and project development within the Brazilian onshore renewables and storage portfolio.

How does the Lightsource bp partnership fit Petrobras’s 2026–2030 Business Plan?

Petrobras states that this initiative expands its presence in solar power generation and renewable sources in Brazil, in line with its Business Plan 2026–2030. The joint venture operationalizes that plan by adding running assets and advanced projects in onshore renewables and energy storage.

What experience does Petrobras contribute to the joint venture with Lightsource bp?

Petrobras contributes experience in engineering, licensing and regulatory matters, along with strategic direction for growing its renewable energy activities in Brazil. Combined with Lightsource bp’s existing solar assets and projects, this expertise aims to support the development and operation of onshore renewables and storage projects.

Who is Lightsource bp, Petrobras’s partner in this Brazilian renewables joint venture?

Lightsource bp is a global independent power producer focused on integrated onshore renewable energy and energy storage solutions. It operates in more than 15 countries across three global regions, with 14.2 GW developed and a project pipeline with potential exceeding 52 GW worldwide.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of May, 2026

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

Petrobras strengthens strategic partnership with Lightsource bp in renewable energy in Brazil

—

Rio de Janeiro, May 20, 2026 –Petróleo Brasileiro S.A. – Petrobras (“Petrobras”), further to its release dated December 16, 2025, announces that it has completed the acquisition of a 49.99% equity interest in Lightsource bp’s subsidiaries in Brazil, establishing a strategic partnership in onshore renewable energy in the country, including energy storage.

The partnership is structured as a joint venture with shared governance, including a Board of Directors with equal representation from both companies, as previously disclosed to the market. Completion of the transaction followed receipt of the relevant regulatory approvals.

Lightsource bp will contribute assets and projects in Brazil, including the Milagres solar PV plant (212 MWp), currently in operation, as well as projects at an advanced stage of development. Petrobras will contribute its experience in engineering, licensing and regulatory matters, as well as its strategic direction for expanding its activities in renewable energy.

With this initiative, Petrobras expands its presence in solar power generation and renewable sources in Brazil, in line with its Business Plan 2026–2030.

About Lightsource bp

Lightsource bp is a global independent power producer providing integrated onshore renewable energy and energy storage solutions. Present in more than 15 countries across three global regions, it has 14.2 GW developed and a project pipeline with potential exceeding 52 GW. Lightsource bp is a bp company.

www.petrobras.com.br/ir

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 20, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer