BP is in advanced negotiations to sell its solar energy business, Lightsource, to a consortium backed by Kuwait’s sovereign wealth fund, according to a Financial Times report published on Friday.
The reported bidders are green-focused private equity firm Qualitas Energy and Wren House, the infrastructure investment arm of the Kuwait Investment Authority, which have joined forces to pursue the acquisition.
BP declined to comment on the report, while Lightsource, Qualitas Energy and Wren House did not immediately respond to requests for comment.
The potential sale forms part of BP’s broader strategy to streamline its business and sharpen its focus on its core oil and gas operations.
The company has been scaling back parts of its renewable energy portfolio as it seeks to reduce debt, improve profitability and deliver stronger returns for shareholders.
If completed, the deal would mark another step in BP’s ongoing restructuring as the energy major adjusts its investment priorities amid changing market conditions.