BP to buy solar power projects for up to €500m in Spain

Energy company’s solar power unit will take over a portfolio of photovoltaic power projects

FILE PHOTO: Detail is seen on a BP (British Petroleum) EV (Electric Vehicle) charge point in London, Britain, January 30, 2021.   REUTERS/Toby Melville/File Photo

Energy giant BP is close to buying solar power projects for between €400 million and €500m in Spain from conglomerate Grupo Jorge, Expansion newspaper reported on Friday, citing unidentified industry sources.

Lightsource bp, BP’s solar power unit, would take over a portfolio of photovoltaic power projects with a total potential capacity of 700 megawatts from Grupo Jorge, a privately held company with assets in meat, agriculture and renewable energy, Expansion said.

Spain has become one of the most active markets for solar and wind power. Many large companies including BP’s rivals such as Total, Repsol and Galp have bought assets in recent months.

BP had announced in February the acquisition of a portfolio of solar projects with a potential capacity of 845 megawatts.

Spokespeople at BP and Grupo Jorge did not answer emails and calls seeking comment.