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BP increases stake in Lightsource BP to 50% from 43% - statement

Reuters - UK Focus
Updated

LONDON, Dec 5 (Reuters) - BP is increasing its stake in Lightsource BP to 50% from its current 43%, the solar energy developer said in a statement on Thursday.

The new investment will simplify the joint venture structure with BP as Lightsource BP seeks to accelerate its drive towards 10 gigawatts of developed assets by the end of 2023.

Financial details of the new investment were not revealed. BP acquired its 43% stake in Lightsource in 2017 for $200 million. (Reporting by Ron Bousso; Editing by Jan Harvey)