Financial Times: Kuwait-backed consortium close to acquiring BP solar energy unit

The Financial Times reported on Friday, citing informed sources, that BP is in advanced-stage talks to sell its solar energy unit, LightSource, to an alliance backed by Kuwait’s sovereign wealth fund.

BP declined to comment on the report, while LightSource, Qualitas Energy, and RainHouse had not yet responded to Reuters’ requests for comment.

BP’s decision to divest LightSource is part of a broader effort by the oil giant to streamline its operations and refocus on its traditional oil and gas sectors, in an attempt to reduce debt and boost profits and return on investment.