BP is considering buying the remaining 50% stake in Lightsource BP (LSBP), its solar power joint venture, as part of the British giant's drive to build up its renewable energy capacity, three industry and company sources said.
But final deal value could be significantly higheris considering buying the remaining 50% stake in Lightsource BP , its solar power joint venture, as part of the British giant's drive to build up its renewable energy capacity, three industry and company sources said.BP's shift away from oil and gas but still vowed to increase spending on renewables and low-carbon fuels by $8 billion by 2030.
"The number is in the eye of the beholder," one source close to the talks told Reuters. "So much depends on what you believe the future of the solar power sector to be."London-based LSBP was founded in 2010 by its Chief Executive officer Nick Boyle, who holds the majority of the outstanding 50% stake, and is today one of the world's top developers of solar photovoltaic projects.
Acquiring control of LSBP would allow BP to grow its access to renewable power generation, simplify decision making on projects and investments and combine it with its in-house solar production, according to the sources.
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