BP’s joint solar venture, Lightsource BP, will more than double its global expansion by 2025 after clinching a financing deal worth $1.8bn (£1.3bn) to develop enough
The fast-growing operation had initially set a target to develop arrays of panels with a total capacity of 10 gigawatts by 2023, enough for almost 3.4m homes, but the fresh funds will be used to turbocharge its ambition to 25GW by 2025.
It also plans to build an extra 9GW of solar farms exclusively for the oil corporation as part of BP’s plan to grow its renewable energy capacity 20 fold by the end of the decade.
Dev Sanyal, the head of BP’s low carbon business, described Lightsource BP’s $1.8bn solar boom as “a big acceleration for a company which has been leading the energy transition”.
Source: The Guardian