- If completed, the transaction would represent a significant investment by the Kuwait-backed consortium in the renewable energy sector and would mark another step in BP’s ongoing restructuring efforts.
A consortium backed by Kuwait’s sovereign wealth fund is in advanced discussions to acquire Lightsource, BP’s solar energy business, according to a report by the Financial Times citing sources familiar with the matter.
The report said Qualitas Energy, a renewable energy investment company, and Wren House, the infrastructure investment arm of the Kuwait Investment Authority (KIA), have jointly submitted an offer to acquire the solar unit.
Neither BP nor the prospective buyers have publicly confirmed the reported negotiations.
BP declined to comment on the report, while Lightsource, Qualitas Energy and Wren House had not responded to requests for comment, according to Reuters.
The proposed sale is part of BP’s broader strategy to streamline its business and sharpen its focus on its core oil and gas operations.
The company has been reviewing parts of its renewable energy portfolio as it seeks to reduce debt, improve profitability and strengthen returns for shareholders.
If completed, the transaction would represent a significant investment by the Kuwait-backed consortium in the renewable energy sector and would mark another step in BP’s ongoing restructuring efforts.
