(Reuters) – British oil giant BP said on Thursday it has taken full ownership of Lightsource BP, after closing the previously announced buyout of the remaining equity in the solar developer.
Under the deal, announced in November last year, BP bought the remaining 50.03% stake in LSBP from its founders and management.
BP said the buyout was closed for a total consideration of 400 million pounds ($518.00 million), with the addition of 2.1 billion pounds in debt.
The buyout underpins BP’s drive to build up its low-carbon and biofuels production as part of its energy transition strategy.
BP added that the London-based solar developer will retain its standalone operating model and independent brand.
The London-listed oil company had previously said it will bring in a new investor in LSBP once the deal is completed.
Lightsource BP is now led by BP’s Joaquin Oliveira and founder Nick Boyle as co-CEOs.
($1 = 0.7722 pounds)
(Reporting by Raechel Thankam Job; Editing by Alan Barona)
