In the wake of the expired 1603 Treasury Grant Program for renewable energy ventures, Chevron has announced that it will be investing tax equity for solar projects.
The oil giant plans to invest in projects in the 3 to 20 MW range. The company currently lists about 22 MW of solar photovoltaic capacity in its portfolio. Chevron Technology Ventures has also partnered with BrightSource to build the 29 MW thermal solar-to-steam plant at Chevron’s oil field in Coalinga, Calif.
Chevron’s increasing involvement in solar comes shortly after another big oil player, BP, pulled out of the industry.
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