BP shops stake in Aussie renewables pla yer | Magellan’s Vinva multiple | MS lures Macquarie analyst

Good evening,

BP, the oil and gas giant capitalised at £62 billion ($122 billion) on the London Stock Exchange, is hunting for ways to cure its $US24 billion ($37 billion) debt load. And its executives have decided its Australian renewables portfolio offers a small, but easy, fix.

Street Talk can reveal BP has hired Bank of America to shop a 51 per cent stake in the Australian assets of Lightsource BP, a developer and operator of utility-scale solar and battery storage assets with a 62GW pipeline across 19 global markets.

The mooted sale comes three weeks after BP completed a £400 million acquisition of a 50.1 stake in Lightsource BP to become its sole owner.

Vinva’s financial year 2024 accounts, lodged with the corporate regulator this week, show Magellan paid a punchy multiple for its $138.5 million global equity acquisition.

Based on $18.7 million FY24 net profit, Magellan coughed up a multiple of around 25 times earnings for its 29.5 per cent stake.

A rally in ASX-listed stocks with exposure to the US economy helped push the Australian sharemarket higher on Wednesday, tracking a strong lead on Wall Street and as Donald Trump took a lead in the US election.

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