BP plans sale of Lightsource solar unit to Kuwait‑backed consortium

British energy group BP is in advanced negotiations to sell its solar development business, Lightsource, to a consortium comprising Qualitas Energy, a renewable‑energy private‑equity firm, and Wren House, the infrastructure arm of the Kuwait Investment Authority. The transaction is part of BP’s broader $20 billion asset‑divestment programme aimed at refocusing the company on its core oil and gas operations and strengthening its balance sheet.

The move follows a series of recent disposals by BP, including minority stakes in venture‑capital holdings and the winding down of offshore wind, biofuel and green‑hydrogen projects. Under chief executive Meg O’Neill, the company is seeking to improve profitability, reduce debt and increase shareholder returns. The Kuwait‑backed consortium would acquire a global solar platform with an extensive project pipeline, while BP would gain additional financial flexibility for its traditional energy businesses.