BP will pay $200m (£149m) for a 43% stake in UK-based solar developer Lightsource.
The firm, which manages some 2GW of solar, will be rebadged as Lightsource BP.
Nick Boyle, Group CEO and founder of Lightsource, said: “We founded Lightsource to lead the solar revolution and chose to partner with BP because, like us, their ambition is to build and grow this company for the long-term. Not only does this partnership make strategic sense, but our combined forces will be part of accelerating the low-carbon transition. Solar power is the fastest growing source of new energy and we are excited to be at the forefront of this development.”
Bob Dudley, BP group chief executive added: “BP has been committed to advancing lower-carbon energy for over 20 years and we’re excited to be coming back to solar, but in a new and very different way. While our history in the solar industry was centred on manufacturing panels, Lightsource BP will instead grow value through developing and managing major solar projects around the world. I am confident that the combination of Lightsource’s expertise and experience with BP’s relationships and resources will propel this innovative business to even more rapid growth.”
See the announcement here.