By Jaime Llinares Taboada
BP PLC's Lightsource bp said Monday that it has secured a $1.8 billion credit facility to develop 25 gigawatts of solar power generation capacity by 2025.
The solar energy company, which is 50% owned by BP, said the credit and trade finance facility was provided by ten financial institutions and underpins its growth ambitions and execution strategy.
The company said that it is now targeting 25 gigawatts of developed projects--fully permitted, with construction ready to begin--by 2025. Lightsource has developed 3.8 gigawatts globally since its formation in 2010.
Lightsource said its pipeline continues to grow rapidly, and it expects to create 500 new jobs over the next four years.
"Lightsource bp has developed more than 30 projects, which today have consistently delivered 8% to 10% returns. So when people ask if we really have the capability to deliver the returns we talk about, the answer couldn't be clearer--yes, we can because we are," Dev Sanyal, BP's executive vice president of gas and low carbon, said.
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(END) Dow Jones Newswires