BP renewable energy acquisition with 7X Energy
BP has reached an agreement with 7X Energy, to purchase 9GW of solar development projects in the US.
The acquisition by the oil giant is a significant step towards BP’s 2025 target, of net developed renewable generating capacity at 20GW. By 2030, BP is aiming for 50GW.
BP and 7X Energy team up for renewable energy targets
BP is the USA’s largest energy investor, investing over $125bn in the economy and supporting more than 125,000 jobs.
7X Energy is a utility-scale solar independent power producer which owns, develops, and provides engineering, construction, and procurement management and asset management services, for utility-scale solar projects.
The deal will grow BP’s renewables pipeline from 14GW to 23GW. The assets will be developed through BP’s 50-50 solar joint venture Lightsource BP, a global leader in solar energy.
Dev Sanyal, BP executive vice president of gas and low carbon energy BP will pay 7X Energy $220 million for the projects and 1GW of “safe harbour” equipment and expects the acquisition to complete in 30 days.
The projects are expected to meet BP’s disciplined low carbon investment criteria, generating returns of at least 8-10%.
Integrated renewable energy
“With this purchase, we are continuing to put our strategy in action as we grow our renewables business in a deliberate and disciplined way”, said Sanyal, BP executive vice president of gas and low carbon energy. “It brings us 9GW of high-quality solar projects in markets where we can create integrated renewable energy offers through our trading and customer franchises.”
“This transaction speaks volumes about the success of our JV with BP, and how we leverage each other’s strengths to realize our ambitions for solar and a low-carbon future”, Nick Boyle, group chief executive officer of Lightsource BP. “It also positions Lightsource BP as a growing force in the US solar market, as we expand our portfolio across the United States.
Global Disability Inclusion and Mercer partner for survey
Global Disability Inclusion is a consulting firm which offers disability inclusion strategies and solutions for global companies. The team helps organisations expand opportunities to reach new talent, create inclusive environments and acquire new customers.
First-of-its-kind disability climate and culture survey
The Amplify survey is designed to provide companies with valuable insights into the work experience of both people with disabilities and those without, allowing them to:
- Improve policies and procedures
- Create greater equity in the workplace
- Improve climate and culture
According to the Return on Disability Group, 90% of companies state they have diversity initiatives, but only 4% include disability in their diversity programs. "Companies are unaware of the employment experiences of people with disabilities because disability is too often left out of the broader diversity conversation", said Meg O'Connell, CEO and Founder, Global Disability Inclusion. "Disability doesn't discriminate. It affects people of any gender, age, race, ethnicity, sexual identity, economic condition and educational level - which is why it is so important for companies to obtain feedback from their employees with disabilities."
The need for data on disability inclusion
Amplify comes from a collaboration between Global Disability Inclusion and Mercer. The two organizations have been studying disability employee engagement by capturing data and gaining insights about the employment experiences of people with disabilities as it compares to all other diversity groups.
Their landmark ten-year study, The State of Disability Employee Engagement, includes responses from 12m people across the globe. This study highlights the need for companies to better understand the work experiences of disabled employees.
In one example, the engagement gap of employees with disabilities shows a difference in some areas of up to 13%. A gap of this size demonstrates employees with disabilities perceive a very different work environment than those without disabilities.
"Amplify will allow companies for the first time to actively participate in surveying employees with and without disabilities and to benchmark results to the 10-year data set," said Dr. Peter J. Rutigliano, Senior Principal, Mercer. "The data generated will provide deep, actionable insights that can help companies address the needs of employees with disabilities."
How to get involved with the survey
The survey will run over three weeks from 2nd September - 16th September 2021. Companies must be registered by August 25, 2021, to participate.
Once the survey period closes, companies will receive the following:
- Results across six key employee engagement categories - Diversity and Equity, Enablers and Resources, Climate and Culture, Leadership, Achievement and Identity
- Results from new questions specifically about disability practices (disclosure, self-id, accommodations, employee resource groups, and more)
- Benchmark results against Mercer's 12-million-person global database
- Analysis and recommendations on findings provided by Global Disability Inclusion
Register here: To register for the survey, email [email protected]