Dec 15, 2017

BP warms to renewables with $200m stake in solar developer

BP is to invest $200m in Europe's largest solar power developer, marking its return to a sector from which it withdrew six years ago. The UK energy group will buy a 43 per cent stake in Lightsource, a London-based company developing solar projects in Europe, the US and Asia, under the deal announced on Friday. BP first entered the solar market in the 1980s as a manufacturer and installer of the photovoltaic cells used to harness energy from the sun. By working with Lightsource in the development and management of solar farms, BP was returning to a more attractive part of the solar market than low-margin panel manufacturing, he added. Solar power is the fastest-growing part of the global energy industry after a tripling in installed capacity over the past four years, according to BP data.

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