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    BP.   GB0007980591

BP PLC

(BP.)
  Report
Delayed London Stock Exchange  -  11:35 2022-09-27 am EDT
431.10 GBX   +0.27%
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BP solar joint venture expanding in Australia with two new projects

08/16/2022 | 03:53am EDT
FILE PHOTO: Illustration shows BP logo and natural gas pipeline

MELBOURNE (Reuters) - Solar developer Lightsource bp is set to reach financial close later this year on two new solar farms in Australia for a total cost of A$800 million ($560 million), the company half-owned by BP Plc said on Tuesday.

The Wellington North project in New South Wales and smaller Wunghnu project in Victoria, would give it five projects operating or under construction, with a combined capacity of more than 1 gigawatt (GW), Lightsource bp said.

That would make the company Australia's biggest solar developer by capacity, it said.

Australia's new Labor government is looking to slash carbon emissions by 43% from 2005 levels and have 82% of power generated by renewable energy by 2030.

"We see the acceleration of renewables happening more rapidly than previously anticipated," said Adam Pegg, Lightsource bp Australia and New Zealand managing director, in a statement.

Australia is expected to make a "significant contribution" to the company's global target of 25 GW of solar power by 2025, Pegg said.

"The outlook for solar in Australia and the region is incredibly strong, with increasing political support, greater investor certainty, and capital looking to participate in the sector," he said.

To help underpin the new solar projects, Lightsource bp has signed power purchase agreements with Engie SA, Orica Ltd and Mars Australia.

Orica, the world's biggest maker of industrial explosives, said with the Wellington North solar deal, renewables will make up around 30% of its global electricity supply, half way to its 2030 target of sourcing 60% of its electricity from renewables.

($1 = 1.4259 Australian dollars)

(Reporting by Sonali Paul; Editing by Tom Hogue)

By Sonali Paul


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.27% 431.1 Delayed Quote.30.09%
ENGIE -0.55% 12 Real-time Quote.-7.28%
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Financials (USD)
Sales 2022 242 B - -
Net income 2022 753 M - -
Net Debt 2022 24 440 M - -
P/E ratio 2022 -408x
Yield 2022 5,00%
Capitalization 85 952 M 85 952 M -
EV / Sales 2022 0,46x
EV / Sales 2023 0,48x
Nbr of Employees 65 900
Free-Float 93,5%
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Number of Analysts 23
Last Close Price 4,63 $
Average target price 6,27 $
Spread / Average Target 35,2%
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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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