BP Negotiates Sale of Lightsource Solar Business

BP is in advanced negotiations to sell its solar power business, Lightsource, to a consortium consisting of Germany-based private equity firm Qualitas Energy and Wren House, the infrastructure arm of the Kuwait Investment Authority. The consortium has emerged as the highest bidder for the asset, which manages 4GW of solar, wind, and battery capacity across 15 countries.

The divestment is a core part of a strategic pivot to refocus on oil and gas operations following the abandonment of a multi-year green energy push in 2025. Through this sale, BP intends to reduce its net debt from approximately $23bn to $18bn by the end of next year.

A central element of the pending transaction is the expectation that the buyers will assume billions of dollars in debt currently held by Lightsource. Although the parties are in advanced talks and a deal is expected soon, the transaction has not yet been finalized.