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China Petrochemical News Network reported on June 2 that the energy giant British Petroleum increased its investment in renewable energy in the United States on Tuesday, buying solar projects from developer 7X Energy for US$220 million.
This asset has a production capacity of 9 GW, marking BP's first independent investment in solar energy since it acquired shares in Europe's largest solar developer Lightsource in 2017.
BP said these assets will be developed through its half-share joint venture with Lightsource BP.
Dave Lawler, chairman of BP America, said: "According to our strategy, our goal is to integrate these projects with our existing onshore and offshore wind, natural gas, trading and shipping businesses to meet customer needs.
BP said the acquired projects are distributed in 12 states in the United States, of which Texas and the Midwest have the largest portfolio.
As one of the most ambitious strategies in the energy industry, BP plans to cut its oil production by 40% by 2030 and increase its renewable energy business by 20 times.
Zhu Jiani excerpted from energy economy
The original text is as follows:
BP invests $220 million in US solar development projects
Energy major BP Plc on Tuesday boosted its investment in US renewables with a $220 million purchase of solar projects from developer 7X Energy.
The deal, for assets with a 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, which adopted a sunburst logo decades ago to convey its ambition in solar energy, said the assets will be developed through its 50-50 joint venture with Lightsource BP.
"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 Texas and the Midwest, BP said.
In one of the energy sector's most ambitious strategies, BP plans to slash its oil output by 40% and boost its renewable power business by 20-fold by 2030.
