BP is in advanced talks to sell its solar arm Lightsource to a consortium backed by Kuwait Investment Authority as the oil major retreats from renewables after abandoning its green push.

Qualitas Energy and Wren House, the infrastructure arm of Kuwait Investment Authority, have teamed up to bid. Analysts say the main attraction for BP is offloading billions of dollars of Lightsource debt; the sale price is unlikely to be significant. The deal would help BP reduce net debt from about $23bn to no more than $18bn by the end of next year.

Lightsource operates 4 gigawatts of solar, wind and battery capacity across 15 countries, enough to power up to 4 mn homes. BP previously paid more than $500 mn to buy out its partner’s stake, taking on $2.8 bn of debt, and wrote off over $4 bn of Lightsource value last year. Qualitas currently operates 11 GW of renewable assets across Europe and the Americas.

The sale would boost new CEO Meg O’Neill, who faces leadership turmoil after chair Albert Manifold’s dismissal. The transaction is not yet confirmed and could fall through.