Energy giant BP has signed a memorandum of understanding (MoU) with JinkoSolar’s development and operations arm JinkoPower Technology to target China’s sizeable C&I power market.
Under the terms of the agreement, the parties will collaborate to provide integrated energy solutions and services to commercial and industrial customers in China, aimed at establishing both integrated, renewables-led solutions and ‘Energy as a Service’ solutions.
The parties said the deal would bring together the “skills and experience” of both in solar development, distributed energy resources and digital technology. While the firm does indeed have history as an upstream solar manufacturer – a market it has long since exited – BP does own a 50% stake in London-headquartered solar developer Lightsource BP, which has a amassed a multi-gigawatt pipeline of projects since BP first acquired an interest in the company in December 2018.
The MOU was signed in Shanghai today (6 July 2020) by Simon Yang, president at BP China, and Xiande Li, chairman of JinkoPower and Jinko Solar.
Li said Jinko was pleased to establish a “long-term and close partnership” with BP, one that would jointly explore renewables cooperation and bring to market “comprehensive energy services”.
“I am confident that together we will combine our resources efficiently with complementary advantages, promote the energy transition and reshape the relation between society and energy. This is also fully aligned with bp’s net zero ambition,” he added.
BP, the majority of whose revenue, despite efforts to increase its exposure to clean energies, is derived from oil and gas operations, set itself a target to become net zero by 2050 earlier this year. While details of the company’s roadmap to net zero remain scant, a central tenet of the strategy is to be focused around a clean energy division BP has grown with strategic partnerships and acquisitions.
Dev Sanyal, executive vice president for gas and low carbon energy at BP, witnessed the signing of the MOU.
“Our partnership with JinkoPower aims to leverage bp’s leading experience in energy management and digital platforms, with JinkoPower’s world-class solar capabilities, to provide customers with integrated, low carbon Energy-as-a-Service offers,” said Sanyal.
More to follow...