NewEnergyNews: UK’s Big Oil Buys Global Solar Builder

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    Friday, December 22, 2017

    UK’s Big Oil Buys Global Solar Builder

    BP invests in the largest solar development company in Europe

    18 December 2017 (Climate Action)

    “British Petroleum is set to invest $200 million [over 3 years] to acquire 43 percent of Lightsource, the largest solar power project developer in Europe, as a way to diversify its business portfolio away from fossil fuels…Lightsource will be renamed Lightsource BP…The majority of this investment will be dedicated to Lightsource’s pipeline of projects, which aims to add approximately 8 gigawatts (GW) of large-scale solar projects in Europe, India, Middle East and the US. To date, the project developer has mainly focused on solar projects in the UK and sees the new partnership as a way to expand into overseas markets…[T]he partnership will be equally beneficial for BP since major oil companies are forced to diversify their business portfolios as stringent emission regulations and financial climate risks endanger the prospects of exclusively fossil fuel-focused companies…Even though the amount of $200 million seems significant, BP’s capital expenditure for 2016 amounted to $16 billion…” click here for more

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