BP nears sale of Lightsource solar business to Kuwait-backed group

BP is nearing a deal to sell Lightsource, its solar development arm, to a consortium that includes Qualitas and a Kuwait-backed investment fund, per a Financial Times report cited by Reuters and Renews.biz on 24 July 2026. No transaction value has been reported in the available items.

Lightsource is one of Europe's larger utility-scale solar developers, with a project pipeline spanning multiple European and international markets. A sale would mark a significant further step in BP's divestment of renewable energy positions: the company has been paring back its low-carbon portfolio since announcing a strategic pivot toward hydrocarbons in early 2025.

The Kuwait-backed fund's involvement signals continued Gulf sovereign appetite for European solar infrastructure. Deal terms and closing timeline have not been confirmed by either BP or the reported buyers.