BP is reportedly preparing to sell a 50% stake in its solar energy subsidiary, Lightsource BP, to a strategic partner as part of a broader partnership initiative. According to sources familiar with the matter, the company plans to invite bids for the stake in June, with the winning partner taking on half of the solar unit in exchange for cash and a commitment to future investments.
The deal, referred to as “Project Scala,” will see BP collaborating with experienced players in the renewable energy sector, according to a sales document reviewed by Reuters. Bidders are expected to be shortlisted in July.
BP completed its acquisition of full ownership of Lightsource BP in October 2024, gaining control over its 62-gigawatt development pipeline and operations across 19 global markets. Despite the acquisition, Lightsource BP has maintained its standalone operating model and independent brand.
At the time of the acquisition, BP indicated that it might seek a strategic partner in the future but did not provide further details on the matter. The move comes amid increasing pressure from investors, as BP recently announced plans to scale back its renewable energy investments and refocus on its core fossil fuel business.
BP's decision to seek a partner for Lightsource BP reflects the company's evolving strategy in the renewable energy sector, balancing its pursuit of sustainability goals with the ongoing demands of its traditional energy operations.
