BP Acquires 9 Gigawatts of Texas, PJM Solar Projects from 7X Energy

Researched by Industrial Info Resources (Sugar Land, Texas)--Had BP plc (NYSE:BP) (London, England) snatched up multiple projects from solar-energy developer 7X Energy (Austin, Texas) a decade ago, the news would have surprised the Oil & Gas Industry. These days, it's barely news: Traditionally fossil fuel-focused companies are diversifying their portfolios with renewable assets, because it's no longer as profitable to rely entirely on oil, natural gas and other less-than-green sources. Industrial Info is tracking more than $2.2 billion worth of active 7X projects, and about $4.9 billion in global projects held by Lightsource BP Renewable Energy (San Francisco, California), a BP subsidiary set to develop BP's new assets.

The $220 million deal is a boon to BP's goal, announced last year, of becoming a "net-zero" emissions company by 2050. BP will add nine gigawatts (GW) of U.S. solar projects from 7X to its portfolio, raising its total renewable-energy project pipeline to 23 GW. BP aims to have 20 GW of fully operational renewable capacity by 2025, and 50 GW by 2030. The deal is expected to wrap up at the end of the month.

Neither Lightsource BP nor 7X specified which individual solar projects would be sold, but said they covered 12 states, including Texas and some of those in the PJM Interconnection.

Click on the image at right for a map of Lightsource BP's active U.S.-based projects from Industrial Info's Geolocator tool.

7X recently completed the $260 million first phase of the Taygete Solar Energy Project near Fort Stockton, Texas, which is generating 254 megawatts (MW) from more than 630,000 monocrystalline photovoltaic (PV) panels. 7X expects to complete a $262 million second phase this summer, adding 256 MW. Earlier this year, 7X said it had signed power-purchase agreements with "two large corporate entities" for Taygete's output. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can see detailed project reports for the first phase and second phase.

Also in Texas, 7X is seeking permits for the $250 million Elara Solar Farm in Pearsall, which is designed to generate 130 MW from 370,000 PV modules. The project is set to begin construction in first-quarter 2022 and to wrap up toward the end of the year, although numerous factors could delay or alter development. Subscribers can learn more from Industrial Info's detailed project report.

The Lone Star State already was a top destination for BP's solar ambitions. Among Lightsource BP's projects under construction are the $132 million Briar Creek Solar Farm in Corsicana, Texas, and the $140 million Elm Branch Solar Farm in Ennis, Texas, which will generate 127 MW and 137.4 MW, respectively, from 320,000 and 360,000 thin-film PV modules. Both projects are scheduled to be completed in the third quarter. Subscribers can read Industrial Info's detailed reports for the Briar Creek and Elm Branch projects.

Lightsource also expects to finish construction toward the end of the year on its $250 million Bighorn Solar Farm in Pueblo, Colorado, which is expected to generate 300 MW from 750,000 crystalline PV modules provided by Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario). Construction began in October 2020. Subscribers can learn more from Industrial Info's detailed project report.

7X Energy's Midwestern developments include the proposed, $105 million Arche Solar Farm near Fayette, Ohio, which the company hopes to begin building in first-quarter 2022. It is expected to generate 107 MW from a currently unspecified number of PV modules. The project got a significant boost in April when the Ohio Siting Power Board (OSPB) approved a "certificate of environmental compatibility and public need," according to the Fulton County Expositor. Subscribers can learn more from Industrial Info's detailed project report.

"In line with our strategy, we'll aim to integrate these projects with our existing onshore and offshore wind, natural gas, and trading and shipping businesses to give customers what they want--reliable, affordable and clean energy," said Dave Lawler, the president of BP America, in a press release.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.