BP Struggled to Make Money in Solar, Exits Biz

After 40 years, BP is shutting down its solar business. That’s according to the Wall Street Journal.

A spokesman told the WSJ that BP has struggled to make money with the unit. This confirmed an earlier report of an email from BP Solar’s CEO that said it was struggling.

BP has been scaling back its solar business recently as a result of competition from China. Competition from companies in Asia and reduced subsidiaries have made it harder for Western solar manufacturers to make money, the WSJ notes.

The BP spokesman told the WSJ the unit will try to sell its solar interests, including a solar plant at the U.S. Department of Energy’s Brookhaven National Laboratory in New York and the 150-megawatt Moree project in Australia.

BP also said its renewable energy programs will now focus on wind power and biofuels.

To read the full article by the Wall Street Journal cited in this story, click here

Tags: Solar

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