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FinanceBP Nears Sale of Solar Business Lighthouse to Kuwait-Backed Consortium
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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.
Source report
BP is in advanced talks to sell its solar power business, Lighthouse, to an investor consortium backed by Kuwait's sovereign wealth fund, as the energy giant steps back from its net-zero ambitions.
The Deal
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 to divest BP's assets following the company's retreat from the green energy transition strategy it launched in 2020 and abandoned last year.
In February 2025, BP told shareholders it would roll back its green targets, reversing the ambitious transition goals it had set five years earlier. The company had originally pledged in 2020 to reduce its oil and gas output by up to 40% over the following decade while ramping up renewable energy investments. It also committed to achieving net-zero emissions by 2050.
The FTSE-100 energy firm has since refocused on oil and gas operations in an effort to reduce debt and boost profits, after its renewable energy plans fell short under former chief executive Bernard Looney.
Financial Impact
BP warned at the start of the year 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 was already seeking 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 Nears Sale of Solar Arm to Kuwait-Backed Wealth Fund Consortium