BP and Lightsource to Buy 5.4 Gigawatts of First Solar Panels

U.K. oil major BP Plc and solar developer Lightsource BP agreed to buy as much as 5.4 gigawatts of photovoltaic panels from First Solar Inc., the largest U.S. solar-panel maker.

First Solar will deliver the components between 2023 and 2025, its largest deal ever, according to a statement Monday. Lightsource will get 4.3 gigawatts of panels and BP will receive 1.1 gigawatt, and the companies have an option to acquire an additional 1 gigawatt. First Solar shares surged 5.8%.

Tempe, Arizona-based First Solar announced in June plans to invest $680 million in a new factory in Ohio to more ...