BP in Advanced Talks to Sell Solar Arm Lighthouse to Kuwait-Backed Consortium
Oil giant BP is in advanced negotiations to sell its solar power business, Lighthouse (formerly Lightsource), to a consortium backed by Kuwait's sovereign wealth fund. The consortium includes private equity firm Qualitas Energy and Wren House, the infrastructure arm of the Kuwait Investment Authority. The group is reportedly the highest bidder, and a deal is expected soon, though it has not been finalized and could still fall through. The sale is part of BP's broader strategic shift away from its previous net-zero commitments. In February 2025, BP announced it would roll back its green energy targets, prioritizing oil and gas to reduce debt and boost profits after its renewable energy plans underperformed. BP first invested in Lighthouse in 2017. The solar business operates 4 gigawatts of renewable capacity across 15 countries, including the UK, US, Australia, and New Zealand. BP declined to comment on the reported sale.
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