The Strategist

Reuters: BP plans to buy solar energy company

03/24/2023 - 02:42

BP may fully acquire the solar energy company Lightsource, say Reuters’ sources.

Oregon Department of Transportation
Oregon Department of Transportation
According to Reuters, which cited three industry sources, the British oil and gas company BP is in negotiations to purchase the remaining shares of Lightsource BP, which constructs solar power plants.

BP acquired a 43% stake in Lightsource in 2017 for $200 million, and expanded its ownership to 50% two years later. Lightsource's portfolio may be worth around $2 billion in a potential new transaction, but the final valuation may be even higher, according to Reuters. 

The amount will depend on how the outlook for the solar industry is evaluated, according to a source familiar with the negotiations.

BP and Lightsource refused to comment.