PV project in Poland.
Image: Lightsource BP
BP lowers its investment in energy transition activities and is looking for a new partner for Lightsource BP, the developer of renewable energy sources that are fully owned by the oil and gas giant.
The strategy change comes only a few months after the multinational has completed a full acquisition of the BP business from Lightsource. BP acquired 50.03% of the Lightsource BP in a deal that was completed in October 2024, for a reported GBP 400 million ($ 505 million).
Lightsource BP, founded in 2010 as Lightsource Renewables Energy, works, works, works and partners on solar projects in Europe, the Middle East and Africa, America and Asia -Pacific regions. BP invested for the first time in the company in 2017 when it acquired an interest of 42% in the company.
BP now wants to dispose of $ 20 billion from his company by 2027, including potential revenues from the sale of an interest in Lightsource BP and a strategic assessment of Obesant Business Castrol.
In a press release in which plans are set out for “fundamental resetting” BP’s business strategy, BP Chief Executive Murray Auchincloss said that the company “will be very selective in our investment in the transition, including via innovative capital light platforms.”
Plans include reducing investments in energy transition activities by more than $ 5 billion a year. The remaining $ 1.5-2 billion a year intended for energy transition investment will focus on biogas, biofuels and EV charging, “capital light” partners in renewable energy sources, hydrogen and carbon abasulation and storage. BP expects capital expenses for low -carbon energy less than $ 800 million per year. Re -location plans for capital expenditures include increasing investments in oil and gas to around $ 10 billion a year.
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