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BP buys major solar portfolio in US

The British oil company has purchased a solar power portfolio of 9 GW in the US to be developed alongside joint venture Lightsource BP.

Photo: Jonathan Bachman/REUTERS / X02987

BP has now carried out its largest renewable energy project purchase to date.

The British oil and gas company is taking over projects from photovoltaic developer 7X Energy totaling 9 GW and located in 12 US states. The largest of these will be in Texas and the Midwest, and the portfolio will be developed in partnership with the supermajor's 50-50 joint venture, Lightsource BP.

In one stroke of the pen, BP's solar power assets surge from 14 to 23 GW in a transaction worth USD 220m.

"With this purchase, we are continuing to put our strategy in action as we grow our renewables business in a deliberate and disciplined way. It brings us 9GW of high-quality solar projects in markets where we can create integrated renewable energy offers through our trading and customer franchises," writes Dev Sanyal, BP executive vice president of gas and low carbon energy, in a media release.

BP aims to own 20 GW of operational renewable capacity in 2025, while the effect target is raised to 50 GW five years later.

The new deal is expected to fully close within the next 30 days.

English Edit: Daniel Frank Christensen

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