British Petroleum (BP) has ended its five-year solar hiatus by announcing a $200 million investment in British renewables developer Lightsource.
The company closed BP Solar in February 2012 after months of financial difficulty. Operating under the new entity of Lightsource BP, the multinational will now develop and manage major solar projects globally, however, it will not be manufacturing solar panels as it did previously.
The new deal sees BP acquire two board seats and a 43 per cent equity share in Lightsource, with $200 million paid over three years. The majority of this investment will go towards funding Lightsource’s global solar pipeline.
Lightsource was a key driver of the British solar boom and has since expanded its development horizons internationally since the decline of the UK market.
Lightsource BP will focus on developing grid-conneted PV plants and securing corporate power purchase agreements with private companies.