Oil companies that are investing in solar panels

When did oil start investing in solar?

In the early 1980s, the first major oil company invested in renewables generation by supporting solar-component manufacturing as well as solar and wind project development. Nearly 40 years later, it bought a stake in one of Europe’s largest solar developers.

Is solar a new thing for oil & gas?

Solar energy is not a new thing for the oil and gas industry. As far back as 2003, Chevron had a project powering operations in the Kern oil field of California with solar energy. BP also got into solar panel manufacturing under Sir John Browne’s “Beyond Petroleum” mission (before solar manufacturing became mostly China’s game and most everyone else went bankrupt).

Which oil companies are taking a different approach to the energy transition?

Oil companies are taking varied approaches to the energy transition. Some, like BP, TotalEnergies, and Enbridge, are already investing heavily in renewable energy, which seems likely to continue.

Why do oil companies invest in renewables?

Oil giants shift to renewables for sustainability amid market changes. Diversification into renewables: wind, solar, biofuels, and hydrogen investments rise. Investment strategies diverge: some bet on fossil fuels, others on renewables for long-term viability. 1. BP 2. Enbridge 3. TotalEnergies

Are BP and shell investing in agrivoltaics?

Oil giants BP and Shell are investing in an emerging industry called agrivoltaics, which combines solar energy generation with agricultural activities.

Does BP have a solar company?

Lightsource, meanwhile, recently completed a $250 million solar farm in rural north Texas and, separately, acquired a U.S. solar company for $220 million. BP is also moving aggressively into offshore wind power, and paying a high cost of entry relative to companies who got established in the business earlier.