- 7X Energy has sold off its 9 GW solar development portfolio to bp for $220 million
- It expands bp’s renewables pipeline from 14 GW to 23 GW, accelerating its target to achieve 20 GW net developed renewable generating capacity by 2025
- Lightsource bp will develop the 9 GW capacity for bp who will continue to own the projects
In order to reach its target of net developed renewable generating capacity to 20 GW by 2025, and eventually to 50 GW by 2030, British oil and gas giant bp has acquired 9 GW of high-quality solar development projects in the US from local developer 7X Energy, expanding its renewables pipeline to 23 GW, from 14 GW.
The $220 million deal comprises the projects and 1 GW of safe harbor equipment. On completion, this 9 GW capacity is likely to generate enough clean energy to power close to 1.7 million homes.
Projects acquired are located in 12 US states with the largest portfolios in the power markets of Texas (ERCOT) and Midwest (PJM). Of the 9 GW capacity, 2.2 GW are likely to reach final investment decision by 2025 while the bulk is expected to progress by 2030.
While bp will continue to own the projects, its 50:50 joint venture Lightsource bp will develop the same. Lightsource bp’s Group CEO Nick Boyle said this positions the company as a growing force in the US solar market and helps its expansion in the region.
“In line with our strategy, we’ll aim to integrate these projects with our existing onshore and offshore wind, natural gas, and trading and shipping businesses to give customers what they want — reliable, affordable and clean energy,” said bp America Chairman and President Dave Lawler.