AUS
NZ
UK
CA
USA
IND
.jpg)
Summary
- BP PLC has invested $220 million in a 9-GW pipeline of solar projects in the US.
- The agreement will bring BP Plc a step closer towards its target of increasing its capacity of renewable energy to 50 GW by 2030.
British Petroleum (LON:BP) has decided to purchase a 9-GW pipeline of solar power projects from an independent developer 7X Energy, which will come up across 12 states in the US.
This acquisition will bring BP Plc’s a step closer towards its target of enhancing its net developed renewable energy capacity to 23 GW from 14 GW at present. The project will be in collaboration with Lightsource BP, which is the company's 50-50 solar joint venture.
Also Read: Oil soars on OPEC+ decision, supply quotas unchanged for April
The recent project will have its major portfolio in Texas’s ERCOT area and the Midwest’s PJM area. The deal with independent US solar energy developer 7X Energy is expected to be completed within 30 days and would cost $220 million to BP Plc along with 1GW of safe harbour equipment. The assets under the recent project are expected to get their final round of investment by 2025, with the rest by 2030.
In 2017, BP got into a similar kind of partnership with Lightsource BP. Besides this solar project, the group has signed its first offshore wind market project in the US with Equinor in 2020, which worth £850 million. In total, Lightsource bp has developed 3.5 GW of solar power projects worldwide, with a 20-GW pipeline of projects in works in 14 countries at present.
Also read: UK Government’s Plan to Power Every Home with Wind Energy: Is it a Viable Move?
Copyright © 2021 Kalkine Media
Let us look at the performance of two oil companies listed on the London Stock Exchange:
Vivo Energy PLC (LON: VVO)
Founded in 2011, Vivo Energy is a British petroleum company (downstream) based out of London. The company started this year on a positive note and hopes to maintain the momentum in H2 2020. Despite the coronavirus restrictions, the company’s retail segment continues to report volume growth.
As per the trading update for the quarter ending 31 March 2021, the company reported a 9% increase in its gross cash profit, which stood at $195 million compared to $179 million in Q1 2020.
Retail volumes rose by 4% against Q1 2020. However, group volumes were up by only 2%, impacted by Aviation and Marine businesses along with the ending of a large supply contract in the third quarter of 2020.
On 2 June, shares of Vivo were trading at GBX 103.40 as of 09:48 AM GMT +1, down by 0.58%.
DCC PLC (LON: DCC)
DCC Plc is a leading international group, which operates in four divisions: LPG, healthcare, retail & oil and technology. The group is committed to achieve £375 million of acquisitions in the year ended 31 March 2020. Besides last month, the company has also announced a bolt-on acquisition worth £55 million.
The company achieved more than expected adjusted operating profit in the year ending 31 March 2021, which stood at £530.2 million, up by 7.3% (6.6% based on constant currency) compared to £494.3 million a year ago. The group has delivered a ROCE of 17.1%, excluding the impact of IFRS 16 Leases. Inclusive of the IFRS impact, current year ROCE is 15.7%.
On 2 June 2021, shares of DCC were trading at GBX 6,046 as of 09:49 AM GMT +1, down by 0.69%.
