BP Agrees to Purchase Remaining 50% in Solar JV Lightsource BP

BP BP.L has agreed to take full ownership of Lightsource BP, buying the remaining 50% stake in its solar power joint venture as part of the British oil giant’s drive to build up its renewable energy capacity.

Under the agreement, BP will acquire the remaining 50.03% stake in Lightsource BP from the company’s founders, management, and staff at a base equity value of 254 million pounds ($322 million).

The acquisition of the fast-growing solar developer will underpin BP’s planned growth in low-carbon and biofuels production, as well as electric vehicle charging, as part of its energy transition strategy.

Read the source article at Nasdaq