BP is in advanced discussions to sell its solar business, Lightsource. The potential buyers include private equity firm Qualitas Energy and Wren House. Wren House operates as the infrastructure arm of the Kuwait Investment Authority. Although a deal is expected soon, the transaction is not yet finalized.
The divestment aligns with BP's strategy to refocus on core oil and gas assets. This move aims to simplify operations, reduce corporate debt, and improve returns.
Analysts suggest the primary motivation is offloading Lightsource's debt rather than generating cash. The sale follows a broader retreat from renewable ventures under CEO Meg O'Neill.