BP has reached an agreement to purchase 9GW of solar development projects in the US from developer 7X Energy.
The acquisition represents a “significant step” towards BP’s target of growing its net developed renewable generating capacity to 20GW by 2025 and 50GW by 2030.
The $220m deal will also grow BP’s renewables pipeline from 14GW to 23GW.
The assets will be developed through BP’s 50:50 solar joint venture Lightsource BP.
BP said it expects the acquisition to complete in 30 days.
The projects are expected to meet BP’s low carbon investment criteria, generating returns of at least 8-10%.
BP gas and low carbon energy executive vice president Dev Sanyal said: “With this purchase, we are continuing to put our strategy in action as we grow our renewables business in a deliberate and disciplined way.
“It brings us 9GW of high-quality solar projects in markets where we can create integrated renewable energy offers through our trading and customer franchises.”