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    BP.   GB0007980591

BP PLC

(BP.)
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Real-time Estimate Quote. Real-time Estimate Cboe Europe - 07/28 03:01:58 am
289.225 GBX   -0.64%
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BP : Lightsource bp to invest $566 million in Spanish solar projects

06/18/2021 | 04:54am EDT
Lightsource BP's floating installation is seen at the Queen Elizabeth II Reservoir

MADRID (Reuters) - Lightsource bp will invest 475 million euros ($566 million) in power projects it is buying in northern Spain, the solar developer half-owned by energy giant BP said on Friday.

The deal to buy projects that will be able to generate 703 megawatts (MW) of power from local food and energy firm Grupo Jorge takes Lightsource bp's pipeline in Spain to 3 gigawatts (GW), around 15% of the projects it has planned globally.

Sunny Spain's fast-growing solar sector is attracting investment from fossil fuel companies spurred by global targets to shift to renewable sources of energy.

BP and rivals including Total, Repsol and Galp have all bought assets there recently.

The three new projects in the northeastern region of Aragon will go into construction next year, the company said, adding it will look for customers to strike power purchase agreements for the electricity the sites will generate.

Last year, BP's CEO Bernard Looney pledged to reduce oil output and grow its renewable business 20 times in a decade in a push to reduce carbon emissions sharply by 2050.

Lightsource bp did not say how much it would pay for the Spanish projects, but calculated it would spend 475 million euros in the process of building and linking them up to the grid.

It expects developing the sites to create 1,000 jobs.

($1 = 0.8399 euros)

(Reporting by Inti Landauro, Cristina Galan, Ron Bousso and Isla Binnie; Editing by David Evans and Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.36% 291.1 Delayed Quote.14.36%
GALP ENERGIA, SGPS, S.A. 0.40% 8.46 Real-time Quote.-3.18%
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Financials (USD)
Sales 2021 219 B - -
Net income 2021 10 277 M - -
Net Debt 2021 39 966 M - -
P/E ratio 2021 8,64x
Yield 2021 5,18%
Capitalization 81 532 M 81 529 M -
EV / Sales 2021 0,55x
EV / Sales 2022 0,50x
Nbr of Employees 63 600
Free-Float 93,9%
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Technical analysis trends BP PLC
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Mean consensus HOLD
Number of Analysts 25
Last Close Price 4,04 $
Average target price 4,96 $
Spread / Average Target 22,6%
EPS Revisions
Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
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