BP invests $220m in US solar development projects
BP today boosted its investment in US renewables with a $220m purchase of solar projects from developer 7X Energy.
The energy giant struck a deal for assets with a production capacity of 9GW, which will be developed through a joint venture with Lightsource, Europe’s largest solar developer.
It marks BP’s first independent investment in solar since buying a stake in Lightsource four years ago.
“In line with our strategy, we’ll aim to integrate these projects with our existing onshore and offshore wind, natural gas, and trading and shipping businesses to give customers what they want,” said BP America Chairman Dave Lawler.
The projects acquired are spread across 12 US states, with the largest portfolios in the Midwest and Texas.
BP plans to slash its oil output by 40 per cent and boost its renewable power business by 20-fold by 2030.