bp planned 50% Lightsource bp stake sale under Project Scala

UK-headquartered bp planned to sell a 50% stake in Lightsource bp to a strategic partner for cash and future investment. The move aimed to cut costs, improve returns, and address investor concerns. Elliott Management pressured bp over its weaker performance. Project Scala sought experienced renewable energy partners, with offers due in June 2025 and bidders shortlisted in July 2025. bp acquired full control of Lightsource bp in October 2024 for GBP 400 million ($517.80 million) and took on GBP 2.1 billion ($2.71 billion) in debt. Lightsource bp operated 5.7 GW across 19 markets and in 2024, 10 PPAs were signed for 1.3 GW across Europe, the Americas, and APAC. It expanded into battery storage and onshore wind, targeting 3GW to 5GW per year. Meanwhile, bp planned to reduce renewable investments, increase oil and gas spending to $10 billion annually, and was considering selling its Castrol lubricants business by 2027.