Oil major BP said today that it will invest £150million over three years in a solar power company. In return, BP will get a 43% share in London-headquartered Lightsource, which will be renamed Lightsource BP. BP will have two seats on the board of directors at the new venture. The partnership will develop Lightsource’s 6 gigawatt project pipeline, which is largely focused on the US, India, Europe and the Middle East. BP will pay Lightsource an initial £37million when the deal goes through at the start of next year. BP has high hopes for solar power. A recent study by the company showed solar capacity more than tripled over the past four years worldwide. The company believes solar is likely to supply about a third of the world’s total renewable power and up to 10% of total global power by 2035.
Energy Voice 15th Dec 2017 read more »