BP considers further investment in solar power

Oil giant BP has announced that it is looking for further investment opportunities in solar power.

The firm confirmed today it is looking to “fund, develop and manage some of the world’s biggest, most innovative solar projects”.

In 2017 BP made a high-profile 43% investment in solar firm Lightsource, now called lightsource BP, for more than £150 million.

Lightsource BP is the largest solar development company in Europe, which is focused on the acquisition, development and long-term management of large-scale solar projects.

The firm has filed a proposal to build one of the largest solar farms in Angus.

With a maximum capacity of 49.99 megawatts (MW), the project would be located at a disused airfield in Moray.

Lightsource BP also has the 6.3MW floating solar installation on the surface of the Queen Elizabeth II reservoir near Walton-on-Thames, supplying power to a nearby water treatment centre that provides clean drinking water to 10 million people in the UK capital and beyond.

Nick Boyle, chief executive officer, Lightsource BP, said: “We founded Lightsource to lead the solar revolution and chose to partner with BP because, like us, their ambition is to build and grow this company for the long term.

“Solar power is the fastest-growing source of new energy and we are excited to be at the forefront of this development with BP.”