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FinanceBP in advanced talks to sell solar unit Lighthouse to Kuwait-backed consortium
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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.
Source report
BP is in advanced talks to sell its solar power business, Lighthouse, to a consortium backed by Kuwait's sovereign wealth fund, as the energy giant continues to retreat from its net-zero ambitions.
Deal Details
Private equity firm Qualitas Energy and Wren House — the infrastructure arm of the Kuwait Investment Authority — have jointly bid for Lighthouse, BP's solar business. According to the Financial Times, the Kuwait-backed consortium is the highest bidder in the sale process.
BP first invested in Lightsource in 2017. While a deal is expected soon, the transaction has not yet been finalized and remains at risk of falling through.
Strategic Shift
The sale is part of a broader push by BP to offload assets following its decision to abandon the green energy strategy it launched in 2020. In February 2025, the British oil company told shareholders it would roll back its green targets, reversing the ambitious transition goals set five years earlier.
BP had originally pledged in 2020 to reduce its oil and gas output by up to 40% while ramping up renewable investments over the following decade. It also committed to achieving net-zero emissions by 2050.
The FTSE-100 energy firm has since refocused on oil and gas in an effort to reduce debt and boost profits, after its renewable energy plans fell short under former chief executive Bernard Looney.
Financial Impact
At the start of 2025, BP warned that scaling back its net-zero plans would cost it up to £3.7 million as it rethinks its low-carbon strategy.
About Lightsource
Lighthouse boasts 4 gigawatts of renewable power capacity and operates across 15 countries, including the UK, the US, Australia, and New Zealand. BP had initially sought a new partner for the business before deciding to sell it outright.
BP declined to comment on the sale process.
Source
City AMWestern
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BP in Advanced Talks to Sell Solar Arm Lighthouse to Kuwait-Backed Consortium