BP set to plough £407m into string of solar power projects

BP is set to plough £407million into a string of solar power projects in sunny northern Spain as the oiler continues on its net zero mission. 

In the latest big green investment under boss Bernard Looney, the firm’s Lightsource joint venture is buying solar projects from Grupo Jorge, as Looney looks to move BP away from oil despite its price being at a three-year high. 

Going green: BP’s Lightsource joint venture is buying solar projects from Grupo Jorge

Energy companies which have relied on fossil fuels are refocusing on green power, spurred by new global targets and pressure from activists.

Last year, Looney vowed to cut oil output and grow its renewable business 20-fold to cut carbon emissions sharply by 2050. 

Lightsource’s three projects in the Aragon region will begin construction next year. 

The firm, in which BP has a 50 per cent stake, is the largest solar power developer in Europe. The projects are expected to create 1,000 jobs.