Oil giant BP is to buy a 43% stake in solar development company Lightsource for $200m.
The bulk of the investment will be used to fund Lightsource’s global growth plans for large-scale projects.
The company is to be rebranded as Lightsource BP and the oil company will have two seats on the board of directors.
BP group chief executive Bob Dudley said: “BP has been committed to advancing lower-carbon energy for over 20 years and we’re excited to be coming back to solar, but in a new and very different way.
BP had previously been involved in the solar industry, where it had focused on panel manufacturing.
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