BP to return to solar market with 43% stake in Lightsource

FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo
Updated 15 December 2017
0

BP to return to solar market with 43% stake in Lightsource

BENGALURU: BP will buy a 43 percent stake in solar energy company Lightsource for $200 million, the British oil producer said on Friday, marking its return to the solar sector.
The investment, a fraction of the approximately $17 billion BP has spent in 2017, comes six years after BP wrote down billions on its first foray into solar, when its panel manufacturing business struggled with competition from China.
“We’re excited to be coming back to solar, but in a new and very different way,” Chief Executive Bob Dudley said.
London-based Lightsource, to be renamed Lightsource BP, will target the growing demand for large-scale solar projects. The company has a 6 gigawatt (GW) growth pipeline largely focused on the US, India, Europe and the Middle East, BP said. Lightsource has commissioned 1.3 GW of solar capacity to date and manages about 2 GW of capacity under long-term operations and maintenance contracts.
BP will pay $50 million when the deal is completed, with the balance paid in instalments over three years, it said.
Two decades ago, BP had set out to transcend oil, adopting a sunburst logo to convey its plans to pour $8 billion over a decade into renewable technologies, even promising to power its gas stations with the sun.
That transformation — marketed as “Beyond Petroleum” — led to BP manufacturing solar panels in Australia, Spain and the US and erecting wind farms in the US and the Netherlands.
BP, which will have two seats on the Lightsource board, expects the deal to be completed in early 2018. Lightsource was advised by Rothschild, White and Case, Deloitte and Baker & McKenzie.
Other oil majors including Royal Dutch Shell and France’s Total have invested in renewable energy as they prepare for a shift away from fossil fuels in the fight against climate change.
— REUTERS


IPO of remaining 50% of Kuwaiti bourse seen in Q4 2019 or Q1 2020

Updated 3 min 31 sec ago
0

IPO of remaining 50% of Kuwaiti bourse seen in Q4 2019 or Q1 2020

KUWAIT: The initial public offering for the remaining 50 percent of shares in the Kuwaiti bourse will take place in the fourth quarter of 2019 or the first quarter of 2020, said Abdulaziz Al-Marzouq, commissioner of the Capital Markets Authority and vice chairman of the bourse’s privatization committee.
On Thursday, a consortium led by Kuwait’s National Investment Co. and including the Athens bourse won a tender to acquire 44 percent of the Kuwait stock exchange.