25th Jul 2026 10:34
(Alliance News) - BP PLC is making headway on plans to divest its solar power business, Lightsource, the Financial Times reported on Friday.
The London-based oil major is in talks with a consortium made up of Wren House, which is the infrastructure-focused segment of the Kuwait Investment Authority, and Madrid-based investment firm Qualitas Energy, according to sources familiar with the matter cited by the FT.
Earlier this week, BP disclosed that it is selling its mobility, convenience and electric vehicle charging businesses in Austria to volenergy AG, as part of an effort to streamline its portfolio.
Financial terms of the transaction were not disclosed. The buyer,
Volenergy, is part of Switzerland's Volare Group AG.
The deal includes 250 BP-branded retail sites across Austria, around 115 of which are company-owned and franchise-operated, as well as the associated fleet business and electric vehicle charging infrastructure. BP said its Austrian aviation business, Air BP, and Castrol lubricants business are not included in the transaction.
The agreement follows BP's disposal of its mobility and convenience businesses in the Netherlands in 2025, Turkey in 2024 and Switzerland in 2022.
In mid-July, BP said it had agreed to sell most of BP Ventures' minority interests in more than 10 companies in its portfolio to Oslo-based investment firm Verdane OpCo AS.
BP is targeting a net debt of USD14 billion to USD18 billion by the end 2027, which will be aided by a USD20 billion divestment program.
It has flagged a USD1 billion impairment charge in its second quarter, which it attributes mainly to transition businesses in the gas & low carbon energy segment.
The oil major forecasts quarter-end net debt of USD22 billion to USD23 billion, down from USD25.3 billion at the end of the first quarter.
BP shares closed 1.4% lower at 548.40 pence each on Friday in London.
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
BP