FT reports that BP is close to a deal to sell its solar business to a Kuwait-backed group.

The Financial Times reported that BP has advanced discussions to sell its Lightsource solar business to a consortium backed Kuwait's sovereign fund. The energy giant is focusing on oil and natural gas in order to boost?returns. The report, citing sources familiar with the situation, said that the green energy private equity firm Qualitas Energy, and Wren House, Kuwait Investment Authority's infrastructure arm, had teamed up to bid for the project. BP is doubling down its efforts to simplify its 'operations' and refocus its attention on traditional oil & gas, in a bid to reduce debt and boost profit and reinvestment after an ill fated foray into renewables under its previous CEO. BP signed an agreement last week to divest its minority stakes in over 10 venture companies as part of a plan for a $20 billion sale under the new?chief executive Meg O'Neill. BP's Lightsource was at the center of a hefty impairment charged flagged early in 2026. The company has already spun off its offshore wind business, and abandoned plans to construct a 'biofuels plant' in Amsterdam, and hydrogen plants both in Australia and Britain. BP refused to comment on the FT report. Lightsource, Qualitas Energy, and Wren House didn't immediately respond to requests for comment. BP warned earlier this month of a $1 billion impairment related to its lower carbon energy transition businesses. Analysts assume that Lightsource was included. Prerna Chourasia and Anushka Bedi in Bengaluru, with editing by Anil D’Silva and Louise Heavens.

(source: Reuters)