BP has reached an agreement to purchase 9GW of solar development projects in the US from developer 7X Energy.
The acquisition represents a “significant step” towards BP’s target of growing its net developed renewable generating capacity to 20GW by 2025 and 50GW by 2030.
The $220m deal will also grow BP’s renewables pipeline from 14GW to 23GW.
The assets will be developed through BP’s 50:50 solar joint venture Lightsource BP.
BP said it expects the acquisition to complete in 30 days.
The projects are expected to meet BP’s low carbon investment criteria, generating returns of at least 8-10%.
BP gas and low carbon energy executive vice president Dev Sanyal said: “With this purchase, we are continuing to put our strategy in action as we grow our renewables business in a deliberate and disciplined way.
BP acquires 9GW US solar portfolio, hands over to Lightsource to develop
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Британская BP покупает активы в области солнечной энергетики в США
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Petroleras ya compiten abiertamente en el mercado eléct…
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11 May 2021 7:43 GMT Updated 11 May 2021 7:43 GMT in Perth
UK supermajor BP and Germany’s EnBW are calling for Scottish contractors to register their interest in potential offshore wind project work, should the pair be successful in the upcoming ScotWind licensing round.
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The two comapnies are hoping to take advantage of Scotland s supply chain that already has decades of offshore experience with the offshore oil and gas sector.
They launched
the supply chain portalon Tuesday, which BP said would act as a central hub advertising all current and future opportunities for sub-contractors and suppliers associated with any development projects, should the duo be successful in the ScotWind auction.