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BP PLC

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BP invests $220 million in U.S. solar projects

06/01/2021 | 07:20am EDT
FILE PHOTO: A BP logo is seen at a petrol station in central London

LONDON (Reuters) - BP on Tuesday boosted its investment in U.S. renewables with a $220 million purchase of solar projects from developer 7X Energy.

The deal, for assets with production capacity of 9 gigawatts, marks BP's first independent investment in solar since buying a stake in Europe's largest solar developer, Lightsource, in 2017.

BP said the new assets will be developed and operated through its 50-50 joint venture with Lightsource BP.

BP CEO Bernard Looney last year launched a strategy to sharply reduce carbon emissions by 2050 by reducing oil output and growing its renewables business 20-fold between 2019 and 2030 to a capacity of 50 gigawatts (GW).

The deal will grow BP's renewables pipeline from 14GW to 23GW. The company expects to start developing around 2.2 GW of the acquisition's pipeline by 2025.

BP will integrate the new solar output into its large U.S. power trading business, which includes onshore wind and natural gas electricity. In future, it will also have offshore wind from a project it is developing off the East Coast with Norway's Equinor, Dev Sanyal, BP head of gas and low carbon energy, told Reuters.

BP is confident it can reach returns on investment of 8% to 10% on its renewable investments, Sanyal added.

"This acquisition gives us a very significant development pipeline in one of the most important markets," Sanyal said.

The projects acquired are spread across 12 U.S. states, with the largest portfolios in Texas and the Midwest.

(Reporting by Yadarisa Shabong in Bengaluru and Ron Bousso in London; Editing by Devika Syamnath and Barbara Lewis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.18% 289.2 Delayed Quote.13.50%
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Financials (USD)
Sales 2021 220 B - -
Net income 2021 10 223 M - -
Net Debt 2021 39 966 M - -
P/E ratio 2021 8,58x
Yield 2021 5,21%
Capitalization 81 015 M 81 063 M -
EV / Sales 2021 0,55x
EV / Sales 2022 0,50x
Nbr of Employees 63 600
Free-Float 93,9%
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Mean consensus HOLD
Number of Analysts 25
Last Close Price 4,02 $
Average target price 4,96 $
Spread / Average Target 23,3%
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Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
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