BP: to take stake in British firm Lightsource in solar push.
(CercleFinance.com) - BP will take a 43% stake in Britain's Lightsource, it said on Friday, as the oil giant seeks to expand in solar power projects worldwide.
The company will acquire the stake for a total consideration of 200 million dollars, paid over three years, with the great majority of this investment set to fund Lightsource's growth pipeline.
Amongst some of Lightsource's projects is Europe's largest floating solar farm, a 6.3 MW installation that is found just outside London.
The company will be renamed Lightsource BP. Completion is anticipated in early 2018 and BP will have two seats on the board of directors.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The company will acquire the stake for a total consideration of 200 million dollars, paid over three years, with the great majority of this investment set to fund Lightsource's growth pipeline.
Amongst some of Lightsource's projects is Europe's largest floating solar farm, a 6.3 MW installation that is found just outside London.
The company will be renamed Lightsource BP. Completion is anticipated in early 2018 and BP will have two seats on the board of directors.
Copyright (c) 2017 CercleFinance.com. All rights reserved.