BP Increases Stake in Solar Firm Amidst Clean Energy Plan for Its Offices

BP has boosted its stake in the British solar venture Lightsource BP as it plans to power its offices with renewable energy from 2020.

The companies have made an announcements to set up a 50:50 joint venture almost two years after BP made its return to the solar market by snapping up a 43% stake in Lightsource for £200m. BP has plans to increase its stake in the company by buying new shares for an undisclosed price to help accelerate Lightsource BP’s solar power targets. BP is planning to grow its portfolio to 6GW of capacity by 2023 but also plans to reach 10GW over the same timescale.

After BP backed out of the market in 2011, it has used the UK solar startup to re-establish a presence in the solar sector.  BP decides to use more solar power in its own offices too.

The oil company was in conversation with the venture to source solar energy to power BP’s global offices in 2020, according to Dev Sanyal, the boss of BP’s alternative energy division.

BP’s commodity traders have plans to sell more renewable energy from Lightsource BP projects to other companies those want to run on clean energy