Will Invest $220 Million in Solar Projects Across US – BP

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Solar

Energy giant BP on Tuesday announced that it will invest $220 million in solar energy projects around the United States in the hope of developing so-called clean energy production capabilities.

“BP will pay 7X Energy $220 million for [solar] projects and 1GW of ‘safe harbour’ equipment and expects the acquisition to complete in 30 days,” BP said.

The move is part of BP’s ongoing effort to achieve a renewable energy generating capacity of 20GW by 2025, with hopes of increasing that capacity to 50GW by 2030.

The company noted that solar energy is the fastest growing power source in the United States with the sector expected to quadruple over the next decade.

The solar projects will be spread across 12 US states, with the largest portfolios in Texas and in the Midwest. Upon completion, the projects will be able to generate enough clean energy to power approximately 1.7 million homes and provide thousands of jobs through construction.

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