BP says to sell onshore wind business in US
LONDON : BP said today it had agreed to sell its onshore wind energy business in the US, after the British giant shelved its targets for reducing carbon emissions.
The company said the US business, comprising 10 operating wind assets, would be bought by American company LS Power for an undisclosed amount.
'The onshore US wind business has great assets and fantastic people, but we have concluded we are no longer the best owners to take it forward,' said William Lin, BP executive vice-president for gas and low carbon energy.
'We have been clear that while low carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalise and optimise our portfolio to generate value,' he added.
LS Power chief executive Paul Segal said the deal, which is expected to conclude at the end of 2025, would 'help to meet growing energy demand across the US'.
In February, BP launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets for reducing carbon emissions and slashing clean energy investment.
The strategy overhaul followed a difficult trading year for BP, which is under pressure from investors to boost its share price.
BP is seeking to cut cleaner energy investment by more than US$5 billion annually and offload assets worth a total of US$20 billion by 2027.
Rival Shell has also scaled back its climate objectives.
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