bp set to sell solar power unit to consortium
Akbar Novruz
Read morebp plc is in negotiations to sell its solar power business Lightsource to a consortium made up of Spanish private equity firm Qualitas Energy and Kuwait Investment Authority's Wren House, AzerNEWS reports via the Financial Times.
According to people familiar with the matter, talks are at an advanced stage, and a deal is expected to be announced "soon."
According to the report, bp is unlikely to seek a high price for the business, as it is primarily interested in selling it due to its high debt burden.
A former small start-up, Lightsource is currently active in over 15 markets, with 14.2 gigawatts delivered, 7.5 GW under construction and over 52 GW in its development pipeline.
BP declined to comment on the report, while Lightsource, Qualitas Energy and Wren House did not immediately respond to Reuters' requests for comment.
BP's decision to divest Lightsource is part of the oil giant's broader efforts to simplify operations and refocus on traditional oil and gas in a bid to reduce debt, boost profit and return on investment.
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