Project Finance Brief: bp to Acquire 9 GW of Solar Project Pipeline in the US from 7X Energy
Leeward Renewable Energy Acquires 350 MW of Solar and Wind Projects in the US from Tri Global Energy
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bp, a multinational oil, and gas company reached an agreement to purchase 9 GW of solar development projects in the U.S. from independent solar developer 7X Energy. The deal will also grow bp’s renewables pipeline from 14 GW to 23 GW. The assets will be developed through bp’s 50-50 solar joint venture Lightsource bp, applying Lightsource bp’s capabilities to accelerate bp’s renewables targets. bp will pay 7X Energy $220 million for the projects and 1GW of safe harbor equipment and expects the acquisition to complete in 30 days.
