LONDON, March 13 (Reuters) - BP is seeking to sell 50%

of its solar unit Lightsource bp to a strategic partner for cash

and a commitment of future investments, with bids due in June,

the energy major said in a sales document seen by Reuters.

The London-listed energy company is planning asset sales and

partnerships as part of a broader plan to address investor

concerns. The firm wants to cut costs and improve its return on

investments to boost its share price and profit.

BP has been under pressure from investors, notably activist

Elliott Management, which built a near 5% stake in the company

in recent months as it underperformed peers like Shell

and Exxon.

In a major strategy shake up, BP announced plans last month

to cut investments in renewable energy and to increase annual

oil and gas spending to $10 billion.

When asked about the sales document, BP said it had an

intent to bring in a partner for Lightsource bp and launch a

sales process in the near future but declined to comment

further.

CEO Murray Auchincloss said in February that BP had been

considering bringing in partners to the solar developer to help

boost returns from the fast-growing business.

In a document dated March 2025 seen by Reuters, the company

said it was seeking a strategic partner for half of the solar

company this year, in a cash transaction with a commitment for

follow-on investment.

Called Project Scala, BP is seeking a strategic partnership

with "established leaders with extensive experience" in the

renewables industry, according to the document. Governance of

the emerging entity would reflect joint control of the assets,

BP said in the document.

Initial, non-binding offers are due in June and the company

will shortlist bidders in July.

It said the platform had 5.7 gigawatts of operational assets

and was active in 19 markets, with more than 2 GW of assets

constructed in 2024. It said Lightsource bp was expanding into

battery storage and onshore wind.

BP also said last month it was reviewing its lubricants

business, Castrol, and targeting $20 billion in divestments by

2027.