Oil majors BP and Total deepen renewable energy commitments with deals

BP’s 50%-owned solar energy firm Lightsource BP yesterday closed a US$250 million financing package for a US-based project, while fellow oil major Total followed suit in confirming a deal to acquire a French wind power company.

Despite fears surrounding the potential impact of the COVID-19 outbreak, Lightsource BP signed off on the financing for its 260MW solar project in Texas, which is already under construction.

Lightsource BP’s Americas CEO Kevin Smith said that ‘social distancing issues are obviously key’ to the ongoing construction, but the company believes it will be allowed to continue because its current workforce of 125 will be spread over the project’s 1,500 acres.

Meanwhile, French oil giant Total announced today it will buy Global Wind Power France for an undisclosed sum. Global Wind Power France has a 1GW portfolio of onshore wind projects, including 250MW scheduled to come on stream by 2025.

“Following Vents d’Oc’ acquisition in 2019, this new investment demonstrates Total’s commitment to expand in all types of renewable energy while contributing to France’s energy transition goals,” said Philippe Sauquet, president gas, renewables and power at Total.

“It strengthens Total Quadran’s footprint adding to its existing portfolio of nearly 1000 MW of installed and operated capacity, including over 500 MW of onshore wind and confirms its ambition to be one of the main players on France’s renewables market.”