BP Makes $200 Million Investment in Solar-Energy Developer Lightsource
15 Dezembro 2017 - 8:37AM
Dow Jones News
By Adam Clark
BP PLC (BP.LN) said Friday that it has agreed to invest $200
million for a 43% stake in solar-energy company Lightsource
Renewable Holdings Ltd.
The oil-and-gas company will make the investment over three
years to fund Lightsource's growth pipeline for the acquisition of
large-scale solar projects. Lightsource Renewable will be rebranded
Lightsource BP, and BP will have two seats on its board of
directors.
London-listed BP will pay $50 million on completion of the
agreement, which is expected in early 2018, with the remainder of
the investment to be paid in instalments over three years.
The deal will create opportunities to integrate solar energy
alongside BP's alternative-energy business, it said.
Bob Dudley, chief executive at BP, said that the deal represents
a shift in the multinational's approach to solar energy, as it
moves away from manufacturing panels and toward developing and
managing solar projects.
Lightsource currently has 2 gigawatts of energy capacity under
management, of which 1.3 gigawatts was developed in-house. BP said
that the company has a project pipeline of 6 gigawatts.
Shares in BP were down 0.30 pence, or 0.1%, at 503.70 pence at
0957 GMT.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
December 15, 2017 05:22 ET (10:22 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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