Story · BP
BP Nears Sale of Solar Arm to Kuwait-Backed Wealth Fund Consortium
BP is in advanced talks to sell its solar power business, Lighthouse (formerly Lightsource), to a consortium backed by Kuwait's sovereign wealth fund. The consortium, comprising private equity firm Qualitas Energy and Wren House (the infrastructure arm of the Kuwait Investment Authority), is reportedly the highest bidder. The sale is part of BP's strategic retreat from its earlier net-zero ambitions, as the company pivots back toward prioritizing oil and gas to reduce debt and boost profits. BP first invested in Lighthouse in 2017, and the business operates 4 gigawatts of renewable capacity across 15 countries. A deal is expected soon but has not been finalized and could still fall through. BP declined to comment on the report.
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