Green energy-focused private equity firm Qualitas Energy and Wren House, the infrastructure arm of Kuwait Investment Authority, have teamed up to bid for Lightsource
International News via Reuters:
BP is in advanced talks to sell its solar business, Lightsource, to a consortium backed by Kuwait’s sovereign wealth fund, the Financial Times reported on Friday, citing people familiar with the matter.
Green energy-focused private equity firm Qualitas Energy and Wren House, the infrastructure arm of Kuwait Investment Authority, have teamed up to bid for Lightsource, the report said.
BP declined to comment on the report, while Lightsource, Qualitas Energy and Wren House did not immediately respond to Reuters’ requests for comment.
BP’s decision to divest Lightsource is part of the oil giant’s broader efforts to simplify operations and refocus on traditional oil and gas in a bid to reduce debt, boost profit and return on investment.
Reporting by Prerna Bedi and Anushka Chourasia in Bengaluru; Editing by Anil D’Silva
