BP has increased its stake in the British solar venture Lightsource BP as it prepares to strike a deal to power its offices with renewable energy from next year. The companies announced plans to set up a 50:50 joint venture almost two years after BP made its return to the solar market by snapping up a 43% stake in Lightsource for £200m. BP will increase its stake in the company by buying new shares for an undisclosed price to help accelerate Lightsource BP’s solar power targets. It had hoped to grow its portfolio to 6GW of capacity by 2023 but plans to reach 10GW over the same timescale. BP has used the UK solar startup to re-establish a presence in the solar sector after it backed out of the market in 2011. It plans to use more solar power in its own offices too.
Guardian 5th Dec 2019 read more »