Six years after BP decided to pull out of solar, they are back with this investment in Lightsource. BP Solar were one of the early pioneers of solar power and I still find it strange that they closed their solar division after 30 years just at the time when solar power really took off worldwide. I imagine this was a decision that they came to regret and as with many of the large oil companies, they are scrambling to invest in renewable and clean technologies. This partnership will hopefully lead to further large scale solar deployment worldwide.
Dev Sanyal, chief executive of BP’s alternative energy division, who said BP saw “great opportunity” in solar given the technology’s “fundamentals”. “I don't think we'll be starved of opportunities, the question is being disciplined [with] which choices we pursue. Quite frankly what Lightsource have demonstrated over seven years is a culture of entrepreneurship, innovation but also disciplined execution. We like that a lot,” Sanyal added.