December 22, 2011
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Energy & Renewables Newsletter December 22, 2011 |
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| This Week´s Featured News Stories |
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BP quits solar business complaining of commoditisation
BP has confirmed that it plans to close its solar energy division after more than 40 years, arguing that the growing commoditisation of solar technologies has made it impossible to make a profit. Mike Petrucci, chief executive of BP Solar, said in an internal email to staff last week that the company has no choice but to close a division that has become unprofitable. "The continuing global economic challenges have significantly impacted the solar industry, making it difficult to sustain long-term returns for the company," he wrote. A BP spokesman told the Financial Times that the company has ... | ||
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Google shines on solar sector with $94m investment
Google has confirmed it will invest $94m in four large scale solar photovoltaic (PV) projects, edging the total amount invested by the search giant in clean energy projects this year towards $900m. The company announced yesterday that it had teamed up with investment firm KKR to finance a series of Californian projects planned by solar developer Recurrent Energy. The four solar PV power plants are expected to provide up to 88MW of capacity and generate up to 160,000,000 kWh during their first year of operation, enough for 13,000 average US homes. Construction of three of the projects is expected ... | ||
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