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BP completes acquisition of full stake in Lightsource bp, expanding renewable energy capabilities

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BP has finalized its acquisition of the remaining 50.03% interest in Lightsource bp, fully integrating its 62 GW renewable energy pipeline across 19 markets worldwide into BP’s portfolio. Although BP now has full ownership, Lightsource bp will retain its brand and operate independently. This acquisition enhances BP’s renewable energy reach, supporting its broader low-carbon initiatives, including power trading, EV charging, biofuels, and green hydrogen production. BP’s executive vice president for gas and low carbon energy,…

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BP considers selling minority stake in offshore wind division

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BP is exploring the sale of a minority stake in its offshore wind division to offset the substantial development costs associated with its projects, as reported by Reuters. This move follows shareholder pressure over BP’s 2020 energy transition strategy, as profits from renewables have fallen while oil and gas margins have risen. The company has engaged Bank of America to identify potential partners as it seeks to reduce its financial burden in the growing offshore…

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BP to divest US onshore wind business to shift towards solar and oil focus

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British energy giant BP has announced plans to sell its US onshore wind energy business, BP Wind Energy, citing misalignment with its strategic growth goals. The sale, which includes ten onshore wind assets across seven US states with a combined net generating capacity of 1.3 GW, is expected to begin in autumn 2024. This move comes amid a broader shift in BP’s strategy, driven by new CEO Murray Auchincloss, who has placed renewed emphasis on…

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BP, Iberdrola to build 25 MW green hydrogen project in Spain

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BP and Iberdrola have established a 50:50 joint venture to develop a 25 MW green hydrogen project in Castellón, Spain. The project has reached its final investment decision and is set to support the decarbonization of BP’s refinery operations by 2026, reducing CO2 emissions by 23,000 tons annually. The initiative has secured €15 million in funding from the Spanish Recovery, Transformation, and Resilience Plan, supported by NextGenerationEU. The plant is expected to create up to…