British energy giant BP is to buy a Spanish-based solar project from Grupo Jorge Group for between 400 million and 500 million euros,as reported.

It is reported that Lightsource, BP's solar power division, will take over a 700MW solar project from Grupo Jorge, a private company with assets in pork, agriculture and renewable energy.

The company said construction of three new projects in the north-east of Arago would begin next year, adding that it would look for customers to agree on electricity to be generated at the sites.Last year, BP chief executive Bernard Looney pledged to cut oil production and increase its renewable energy business by a 20-fold amount over 10 years in a bid to significantly reduce carbon emissions by 2050.Lightsource BPdid not say how much it would pay for the Spanish project, but calculated that it would cost 475 million euros to build and connect the grid. The development of these projects is expected to create 1,000 jobs.

Spain has become one of the most active markets for solar and wind energy in Europe. In recent months, many big companies, including BP's rivals Total, Repsol and Gap, have bought green energy assets.

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