The sale of five major solar farms valued at more than $800 million to a Chinese government-backed firm is close to collapse after failing to secure Foreign Investment Review Board approval for more than a year.

Lightsource bp, part of the British oil giant, agreed to sell a portfolio of renewable assets to Beijing Energy International Holding in December 2023. The transaction would have made the buyer, part of Beijing’s investment arm, the largest owner of utility-scale solar projects in Australia.