BP Exits Solar Energy Business, Citing Market Forces

Law360, New York (December 20, 2011, 6:37 PM EST) -- BP PLC said Tuesday that it will exit the solar energy business, completing current projects but ceasing work on future development plans, citing unyielding challenges to the solar industry.

The petroleum giant's solar arm BP Solar, which announced a new power station to be built in Australia as recently as July, has begun winding down its operations, according to a BP spokesman.

“This decision was very difficult given the company's nearly 40-year history in solar energy, however the major global solar markets continue to experience tremendous...
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