By Christian Moess Laursen

BP said it will buy the remaining 50% stake in its solar power joint venture Lightsource BP for 254 million pounds ($322.4 million), as the company moves to strengthen its renewable energy capacity.

The London-based energy major said Thursday that full ownership will allow it to further scale up Lightsource BP, targeting double-digit equity-returns, while developing onshore renewable power to meets demand for low-carbon power.

In time, BP may also look to unlock further value through bringing a strategic partner into the business, it said.

Lightsource BP operates with a business model that creates value through selling majority interests in assets it has developed to strategic partners.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

November 30, 2023 05:39 ET (10:39 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
BP (NYSE:BP)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos BP.
BP (NYSE:BP)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos BP.