BP is reportedly seeking to sell 50% of its solar unit Lightsource bp to a strategic partner.
According to a report by Reuters, the company will invite bids in June. The strategic partner will take on half of Lightsource BP in exchange for cash and a commitment of future investments, the report said.
The partnership, called Project Scala, will see BP collaborating with experienced players in the renewable energy industry, according to a sales document seen by Reuters. Bidders will be shortlisted in July, the report added.
BP completed its acquisition of Lightsource BP last October, taking on its 62GW development pipeline and operations spanning 19 global markets.
While BP took on full ownership, Lightsource BP retained its standalone operating model and independent brand.
At the time of the completion of the transaction, BP said it would look to bring in a strategic partner in the future but had not given further details.
The company has been under pressure from investors and last month announced plans to reduce spending on renewable energy and return its focus to fossil fuels.
