BP is taking over remaining shares in the solar power joint venture BP Lightsource for £254 million

BP is taking over remaining shares in the solar power joint venture BP Lightsource for £254 million

According to a report by www.deraktionaer.de,

BP continues to invest heavily in expanding its renewable energy business. The British oil and gas giant plans to take over the remaining 50.03 percent of the shares in the solar power joint venture BP Lightsource. For this, 254 million pounds will be paid to the founders, management and employees of the solar developer.

The complete takeover of BP Lightsource fits the energy giant's strategy and is expected to support the energy transition strategy. According to analyst Biraj Borkhataria from Canadian bank RBC, this acquisition is of little impact from a financial perspective in the short term. However, he assesses this step positively and maintains his rating for the BP shares at “Outperform”. He still puts the fair value at 625 British pence, which is 31 percent higher than yesterday's closing price.

BP also plans to nominate a new CEO during the first quarter of 2024. These possible management changes could also have an impact on the company's future strategy and development.

Overall, BP's plans in the area of ​​renewable energies show that the group is committed to a more sustainable business strategy in the long term. Although no major impact on the consolidated result is expected in the short term, the commitment in this area is likely to pay off in the medium to long term. It can therefore be assumed that the company will continue to invest in this sector to strengthen long-term competitiveness.