BP has eliminated the remainder of its solar power group, stating that it is no longer able to make money in the business.
The Guardian reports that Mike Petrucci, chief executive of BP Solar, has sent a letter to the 100 employees that remained in the solar group, telling them that ‘the continuing global economic challenges have significantly impacted the solar industry, making it difficult to sustain long-term returns for the company.’
Declining module prices, competition from low-cost Chinese producers and what the company saw as increasing commoditization in the solar sector reportedly led to the decision.
BP has been gradually ramping down its solar activities in recent years, including closing its Maryland factory in July as part of a refocusing on solar development rather than manufacturing.
