BP Invests 224 Billion KRW in US Solar Energy Business

[Photo by Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] British oil company British Petroleum (BP) is investing $220 million (approximately 224.2 billion KRW) to acquire the solar energy business of U.S. energy company 7X Energy, according to major foreign media reports on the 1st (local time).

The business BP is acquiring is a solar power generation project spanning 12 states in the U.S. Midwest, including Texas, with a production capacity of about 9GW (gigawatts). It is expected to be capable of producing 2.2GW of electricity by around 2025.

With this acquisition, BP's renewable energy generation capacity will increase from 14GW to 23GW.

Last year, BP announced plans to significantly reduce greenhouse gas emissions by 2050 and to expand its renewable energy generation capacity twentyfold by 2030, aiming to achieve a production capacity of 50GW.

BP stated that the development and operation of the acquired business will be handled by a joint venture invested 50-50 with Lightsource. BP acquired a stake in Lightsource, Europe's largest solar energy company at the time, in 2017.

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