BP to acquire 50 stake for 322 million
Deal part of BP39;s lowcarbon growth strategy

LONDON, Nov 30 Reuters BP has agreed to take full ownership of Lightsource BP, buying the remaining 50 stake in its solar power joint venture as part of the British oil giant39;s drive to build up its renewable energy capacity.

Under the agreement, BP will acquire the remaining 50.03 stake in Lightsource BP from the company39;s founders, management, and staff at a base equity value of 254 million pounds 322 million.

The acquisition of the fastgrowing solar developer will underpin BP39;s planned growth in lowcarbon and biofuels production, as well as electric vehicle charging, as part of its energy transition strategy.

It comes as BP continues its search for a permanent CEO after Bernard Looney resigned in September after failing to disclose relationships with employees.

This is a natural evolution of the partnership we have built over the past six years now we will be able to take Lightsource BP to the next level of profitable growth and performance, said AnjaIsabel Dotzenrath, BP39;s head of gas and lowcarbon energy.

BP shares were up 2.2 by 0933 GMT.

Reuters first reported that BP was considering buying out Lightsource39;s remaining stake in March.

Londonbased Lightsource BP was founded in 2010 by its Chief Executive officer Nick Boyle, who holds the majority of the outstanding 50 stake, and is today one of the world39;s top developers of solar photovoltaic projects.

Since…