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With 220 million $, BP is Involved in Solar Development Projects

Oil company BP has increased its investment in renewable energy in the State by buying solar projects from development company 7X Energy for $ 220 million, BP said.

The nine-gigawatt deal is the first independent investment by BP in solar energy since it bought a stake in Europe’s largest solar developer, Lightsource, in 2017.

BP said the deal will be developed through a joint venture with Lightsors BP.

The acquired projects are spread across 12 states in the United States, and most of the portfolio is located in Texas and the Midwest, BP said.

In one of the most ambitious strategies in the energy sector, BP plans to reduce oil production by 40 percent and boost its renewable energy business by 20 times by 2030. 

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