LONDON – BP (NYSE: BP) spun off part of the U.S. operations of its Lightsource BP solar joint venture shortly before completing the acquisition of the outstanding 50% stake in the business last week, the British company said on Tuesday.
“Immediately prior to the business combination, 2.4GW (gigawatts) of Lightsource BP’s operational and construction assets in the United States were transferred from Lightsource BP into a new joint venture between BP and the Lightsource BP founders, and certain management and staff,” BP said in its third-quarter results.
The sides agreed on the move due to the recent drop in valuations for solar projects in the United States, a source close to the deal said.
On Tuesday, Chief Financial Officer Kate Thomson told Reuters that BP planned to sell a stake in Lightsource BP to investors to help reduce BP’s investment burden and debt in the business.
(Source: Reuters)
