BP Invests $220 Million In U.S. Solar Projects
For anyone who doubts whether solar is the future of energy, check out oil giant BP’s latest investment:
BP (BP.L) on Tuesday boosted its investment in U.S. renewables with a $220 million purchase of solar projects from developer 7X Energy. The deal, for assets with production capacity of 9 gigawatts, marks BP’s first independent investment in solar since buying a stake in Europe’s largest solar developer, Lightsource, in 2017. BP said the new assets will be developed and operated through its 50-50 joint venture with Lightsource BP. BP CEO Bernard Looney last year launched a strategy to sharply reduce carbon emissions by 2050 by reducing oil output and growing its renewables business 20-fold between 2019 and 2030 to a capacity of 50 gigawatts (GW).