LONDON: BP is considering bringing in partners to solar developer Lightsource BP to help boost returns from the fast-growing business, CEO Murray Auchincloss said on Tuesday.
BP last November announced it will take full ownership of Lightsource BP (LSBP), buying the remaining 50% stake in the joint venture for $322 million as part of the British oil giant’s drive to build up its renewable energy capacity.
BP has held talks with companies to come in as partners in its solar business once the LSBP deal closes, probably in mid-year, Auchincloss told Reuters after the company reported an annual profit of $14 billion in 2023.
“It was a really opportunistic moment for us to take control of 100% (of LSBP). We will repackage the investment, we’ll bring in partners,” Auchincloss said.
“We’re in conversations with companies, but I haven’t made up my mind about that yet,” he said when asked…
