BP puts $220M toward U.S. solar projects
Oil major BP is investing $220 million in U.S. solar projects as it seeks to expand its renewables portfolio, the company announced on Tuesday.
The projects it purchased will be spread across 12 states, with much of it going to power Texas and the Midwest.
It will amount to 9 gigawatts worth of energy — enough to power about 1.7 million homes, BP said.
A company spokesperson told The Hill via text message that these are new projects that have not yet been built. It’s buying them from company 7X Energy.
The company has previously announced that it hopes to increase its generating capacity from renewables to 20 gigawatts by 2025 and 50 gigawatts by 2030.
Still, BP is also one of the largest oil and gas producers in the U.S., producing the equivalent of 772,000 barrels of oil in the country per day in 2018.
Dave Lawler, BP America’s chairman and president, said in a statement that the company’s solar portfolio will “provide low carbon energy, create US jobs and deliver the competitive returns our shareholders expect.”
The announcement comes days after U.S. oil companies faced pushes to move toward renewables during board meetings last week, with climate advocates being elected to Exxon Mobil’s board through a shareholder vote and Chevron’s shareholders backing a call for the company to cut its emissions.
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