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(Alliance News) - BP PLC on Wednesday said a joint-venture has launched a solar project in Colorado, alongside steel producer Evraz PLC and utility firm Xcel Energy Inc.
The 300 megawatt Bighorn project will ensure the Pueblo steel mill will be the first in the world to run on solar power, BP explained. The project was launched by Lightsource bp, a joint-venture which the oil major has a 50% stake in.
"The Bighorn solar project is currently generating electricity into the grid and is expected to come fully online in November 2021," BP said.
"Lightsource bp financed, owns and operates Bighorn Solar and sells the electricity it generates to Xcel Energy under a 20-year power purchase agreement. As part of that arrangement, Evraz will receive clean, renewable power and price certainty from Xcel Energy through 2041."
The project brings with it USD285 million private investment in new energy infrastructure for Colorado, as well as supporting 1,000 jobs at the Pueblo steel mill.
Elsewhere on Wednesday, chemicals firm Lanxess AG said it is partnering with BP for the use of sustainable raw materials in high-tech plastics production.
BP will supply sustainably-produced cyclohexane for a Lanxess facility in Antwerp, Belgium.
In London, BP shares were 1.7% lower at 352.25 pence each on Wednesday afternoon, while Evraz shares were up 0.2% at 585.60p.
Lanxess shares were up 1.4% at EUR57.14 each in Frankfurt. In New York, Xcel's stock was up 0.9% at USD63.55.
By Eric Cunha; ericcunha@alliancenews.com
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