BP, Britain’s largest oil company, is accelerating the transition to renewable energy by acquiring a solar energy company.
Reuters reported on the twenty fourth (local time) that BP acquired the remaining 50.03% stake in solar energy company Lightsource BP, securing full ownership.
Starting in 2017, it began acquiring a 43% stake in Lightsource and decided to amass all remaining shares. The entire acquisition amount was reported to be 400 million kilos (about 710 billion won).
Lightsource has contributed to BP’s global expansion by developing and operating greater than 62 gigawatts (GW) of renewable energy pipelines reminiscent of solar energy. Even after the acquisition, we plan to take care of our independent brand and operating model.
“This acquisition has created a driving force for the event of onshore renewable energy,” said William Lynn, vice chairman of BP’s gas and low-carbon energy division. “We plan to mix wind power, solar energy, and batteries to maximise value and supply the ability our customers want.”
BP announced that it’ll proceed to amass solar energy projects, construct renewable energy pipelines, and install roughly 50GW of renewable energy by 2030.
As well as, the corporate is attempting to break away from its image as a fossil fuel company by expanding into power purchase agreements (PPA), electric vehicle charging, biofuel, and green hydrogen.
Reporter Jaeseung Lee energy@aitimes.com
