Oil major BP will return to the solar sector after six years by spending $200m for a 43% stake in PV developer Lightsource.

The UK-based developer – which will become BP Lightsource – will leverage BP’s global heft to “focus on grid-connected plants and corporate power purchase agreements (PPAs) signed with private companies”, said a statement.

Lightsource has successfully developed 1.3GW of solar capacity, has a total of 2GW under management and a pipeline of 6GW focused on the US, India, Europe and the Middle East.