BP makes 9GW solar acquisition

BP has purchased 9GW of projects in the US from independent solar developer 7X Energy. The acquisition represents a step towards the target of growing BP’s net developed renewable generating capacity to 20GW by 2025 and aim to increase this to 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.

"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," said Dev Sanyal, BP executive VP of gas and low carbon energy.

Solar energy is the fastest growing power source in the US and is expected to quadruple over the next decade. It currently accounts for more than 40 per cent of all new electricity generating capacity added in the US.

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