(Reuters) – British oil producer BP <BP.L> said on Friday it would buy a 43 percent stake in solar energy firm Lightsource for $200 million.
BP will pay Lightsource $50 million when the deal is completed, with the balance paid in instalments over three years. The majority of the investment will fund Lightsource’s growth pipeline, BP said.
BP will have two seats on Lightsource board and the solar company will be renamed Lightsource BP.
Lightsource BP will target the growing demand for large-scale solar projects and will continue to develop and deliver its 6 gigawatt growth pipeline, which is largely focussed in the U.S., India, Europe and the Middle East, BP said.
BP expects the deal to be completed in early 2018.
(Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri)