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Source: Pixabay

BP Invests $200 Million Into Solar Energy Development Firm

By Brian Spaen

BP is diving into solar energy with a partial acquisition of Lightsource. The oil and gas corporation will put in $200 million over the next three years and will obtain a 43 percent equity share. Lightsource will be rebranded as “Lightsource BP” and the investment will focus on the long-term development and management of solar projects.

Lightsource is the biggest solar energy developer in Europe and is looking to expand worldwide. Considering that they currently hold a capacity of two gigawatts worldwide (1.3 gigawatts commissioned), further large-scale solar projects are estimated to quadruple that amount.

“Not only does this partnership make strategic sense, but our combined forces will be part of accelerating the low-carbon transition,” Nick Boyle, CEO and founder of Lightsource, said in a press release. “Solar power is the fastest growing source of new energy and we are excited to be at the forefront of this development.”