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Market Chatter: BP in Talks to Sell Lightsource to Kuwait-Backed Consortium

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BP (BP) is in advanced talks to sell its solar power business, Lightsource, to a consortium comprising Kuwait Investment Authority-backed Wren House and green energy investor Qualitas Energy, the Financial Times reported on Friday, citing people familiar with the matter.

The sale is reportedly part of BP's plan to cut debt and refocus on oil and gas after scaling back its renewable energy ambitions.

The deal, which could see the buyers assume several billion dollars of Lightsource's debt, has not been finalized and could still fall through, the report said.

BP, Qualitas and Wren House did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $43.88, Change: $-0.05, Percent Change: -0.11%

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