BP is seeking to sell a 50% stake in its solar unit, Lightsource bp, to a strategic partner. The deal involves a cash transaction and a commitment for future investments, with indicative bids due in June. This move is part of a broader strategy by the London-listed energy major to address investor concerns by cutting costs and improving its return on investments to boost its share price and profit.
The sales document, seen by Reuters and dated March 2025, refers to the initiative as "Project Scala." BP is looking for a strategic partner with "established leaders with extensive experience" in the renewables industry. The governance of the new entity would reflect joint control of the assets, indicating a shared decision-making structure moving forward.
Initial, non-binding offers are expected by June, with the company planning to shortlist bidders in July. When asked about these plans, BP confirmed its intention to bring in a partner for Lightsource bp and launch a sales process in the near future, but declined to provide further details at that time. This follows BP's recent full acquisition of Lightsource BP in October 2024 for a total consideration of £400 million ($518 million), plus £2.1 billion in debt, after initially buying the remaining 50.03% stake from the founders and management for £254 million ($322 million) in November 2023. At the time of this full acquisition, BP had already stated its intention to bring in a new investor for Lightsource bp once the deal was completed.
