Lightsource BP/Handout via ReutersMajor oil company BP is set to become among the largest solar-power owners in the world as it shifts away from oil and gas.
The venture has 16 gigawatts of solar in the pipeline, up from about 10 gigawatts this time last year. As part of BP's transformation from an oil giant to an integrated energy company, the London-based firm is set to dominate the solar energy industry. "Wind and solar are already the most competitive new builds in most energy markets," Dev Sanyal, EVP for gas and low carbon energy at BP, said on a call with investors Tuesday. "This includes fossil fuel markets. We are leading in and planning to build material renewables businesses with an ambition to have developed 50 gigawatts by 2030. "BP's push into solar energy is part of a broader strategy overhaul,.
"How will we be able to do that? Well, we do that through Lightsource BP," Looney said. "They move at lightning speed." "This sector is characterized by fast cycle times, which allows us to grow our pipeline rapidly in the next 5 years," he said. Lightsource BP says it has five "key ingredients" that drive its growth including "decisions at speed" and "cutting-edge tech."
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