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BP’s joint solar venture Lightsource BP to more than double expansion by 2025
(20 Sep 2021) Deal worth £1.3bn means operation will develop enough solar farms to power equivalent of 8.4m homes.
BP’s joint solar venture, Lightsource BP, will more than double its global expansion by 2025 after clinching a financing deal worth $1.8bn (£1.3bn) to develop enough solar farms to power the equivalent of 8.4m homes.
The fast-growing operation had initially set a target to develop arrays of panels with a total capacity of 10 gigawatts by 2023, enough for almost 3.4m homes, but the fresh funds will be used to turbocharge its ambition to 25GW by 2025.
It also plans to build an extra 9GW of solar farms exclusively for the oil corporation as part of BP’s plan to grow its renewable energy capacity 20 foldby the end of the decade.
BP has set one of the most ambitious renewable energy goals for a major oil company as governments prepare to ramp up climate action. The current global gas market crunch has further strengthened the political resolve to reduce the reliance on gas.
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, 20 Sep 2021: BP’s joint solar venture Lightsource BP to more than double expansion by 2025
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