BP, notorious for the worst oil spill in US history, is closing its solar business because it’s not profitable.
Tata BP Solar India Ltd will continue, however, where BP has a 51% stake in the third largest solar manufacturer, Tata Power.
BP also says its other renewable energy divisions, in wind and biofuels, will remain unchanged.
The company will sell its stakes in over 158 megawatts of solar projects it developed, mostly in the US and Europe.
BP Solar, was actually an early solar pioneer, but over the years, it’s had difficulty differentiating from the slew of new companies.
Back in 2008, BP suspended expansion of its Maryland solar manufacturing plant, which would have been the largest in the US.
In 2009, another period of solar oversupply and zealous competition, BP began shutting down plants and refocusing on building large solar plants, like the one that recently came online on Long Island.
There too, the company had too much difficulty differentiating from competitors, and why bother when oil is such a great business?