BP to end solar venture

BP will end its solar power business, saying that it cannot make any money selling panels.

According to The Guardian newspaper, BP has gradually closed down its panel factories and gotten rid of more than 1,700 workers over the past three years. The company also reportedly shut down its London headquarters for BP Alternative Energy.

"The continuing global economic challenges have significantly impacted the solar industry, making it difficult to sustain long-term returns for the company," Mike Petrucci, chief executive of BP Solar, was quoted as saying.

However, BP reportedly said it will fulfill its commitment to spend $8 billion on renewable power up to the year 2015 and was continuing with onshore wind in the U.S.

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