Latest news with #WilliamLin
Yahoo
a day ago
- Business
- Yahoo
BP Sells US Wind Portfolio In $20 Billion Divestment Push
BP plc (NYSE:BP) announced Friday that it will sell its entire U.S. onshore wind energy portfolio to LS Power, a New York-based energy infrastructure firm. This move is part of a broader strategy to streamline operations and prioritize targeted low-carbon investments. The deal covers 10 wind farms across seven states with a total capacity of 1.3 gigawatts. This move is part of BP's $20 billion divestment plan, which aims to refocus capital allocation. William Lin, executive vice president for gas and low carbon energy at BP, said the assets and workforce were strong, but the company concluded that 'we are no longer the best owners to take it forward.' He expressed confidence in LS Power's ability to scale the wind business while supporting bp's transitioning staff. Also Read: LS Power plans to integrate the wind projects into its clean energy portfolio, which already spans 21GW of power generation and extensive transmission infrastructure. Paul Segal, CEO of LS Power, described the acquisition as a strategic expansion to meet rising energy demand through well-contracted renewable assets. The sale is expected to close by year-end, pending regulatory approvals. So far in 2025, BP has completed or signed $1.5 billion in divestments and aims to hit $3–4 billion by year-end, with further updates due in its second-quarter earnings report. This decision follows BP's recent warning about a potential earnings dip tied to sliding oil prices, highlighting the company's pivot toward more resilient and efficient operations. Investors may also consider the iShares Global Clean Energy ETF (NASDAQ:ICLN) and the First Trust Global Wind Energy ETF (NYSE:FAN) for broader exposure. Price Action: At the last check on Friday, BP shares were trading higher by 0.31% to $32.19 premarket. Read Next:Photo by Tada Images via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? BP (BP): Free Stock Analysis Report This article BP Sells US Wind Portfolio In $20 Billion Divestment Push originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
a day ago
- Business
- Yahoo
BP sells American wind business to LS Power as it continues its renewable retreat
BP will sell its U.S. onshore wind business to New York-based LS Power, as the Big Oil giant continues to divest from much of its renewable energy assets amid financial challenges. The anticipated sale, announced July 18 for an undisclosed sum, meshes with BP's new strategy of doubling down on fossil fuel production while cutting overall costs, especially in clean energy investments. It includes ownership stakes in 10 U.S. wind farms with a combined gross capacity of 1.7 gigawatts, roughly enough to power 1.3 million homes. 'We have been clear that while low-carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalize and optimize our portfolio to generate value,' said William Lin, BP executive vice president for gas and low-carbon energy, in a statement. '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.' Amid struggling stock performance and increased investor activism, BP announced in February it would divest about $20 billion in assets through 2027, including up to $4 billion in 2025. The company said it would also be investing nearly 20% more per year in oil and gas production. Earlier this month, BP said it would sell its network of 300 fueling stations in the Netherlands—also for an undisclosed price—to the Dutch business Catom. The company plans to sell its retail fueling business in Austria as well, and is also divesting a 50% stake in its Lightsource solar business and selling much of its global offshore wind business through a new, fifty-fifty joint venture with Japanese utility JERA. BP has already sold a $1 billion stake in the TANAP gas pipeline from the Caspian Sea to Apollo Global Management. A strategic review of its Castrol lubricants business is ongoing. Castrol alone is worth close to $8 billion, according to analyst estimates. With BP and archrival Shell both now London based, long-rumored reports escalated in late June that Shell would enter early talks to buy BP in what would be the biggest energy deal this century—if not ever. However, Shell quickly denied any such negotiations, and BP has declined to comment. BP appointed former Shell CFO Simon Henry to its board in July—three months after longtime BP chair Helge Lund said he planned to step down. The renewable energy business in the U.S. is facing additional headwinds from the Trump administration's opposition to wind and solar power, including the recent rapid phasing out of tax credits for clean energy construction through the president's new mega-spending legislation. But BP's loss is LS Power's gain. The New York renewable energy developer touted the addition of the wind farms to its 21-gigawatt portfolio of power on Friday as a major coup for the company. 'LS Power's mission is to solve complex energy problems to improve the world and make lives better by developing a cleaner, more reliable, and affordable energy ecosystem, and today's announcement represents a material investment in reaching that goal,' said LS CEO Paul Segal in a statement. The deal, which is expected to close by the end of 2025, includes wind farms in Colorado, Hawaii, Idaho, Indiana, Kansas, Pennsylvania, and South Dakota. The biggest footprints are in Indiana and Kansas. LS will operate the BP assets under its Clearlight Energy portfolio company. This story was originally featured on
Time of India
2 days ago
- Business
- Time of India
BP energy shift: Oil giant to sell US onshore wind assets to LS Power, trims $5 bn from clean push
BP has announced it will sell its entire onshore wind energy business in the United States to American firm LS Power, marking a major step in its shift away from renewables and back toward oil and gas. Tired of too many ads? go ad free now The sale includes 10 operational wind assets, though the deal value was not disclosed. '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's executive vice president for gas and low carbon energy, quoted AFP. Lin added that low-carbon energy will continue to have a place in BP's simplified and more focused business model, but the company would keep rationalising its portfolio to create more value. LS Power CEO Paul Segal said the acquisition, expected to close by the end of 2025, would 'help to meet growing energy demand across the US.' The move comes after BP, once seen as an industry leader in climate goals, reversed course in February by scaling back its emissions reduction targets and slashing its clean energy investments. It is now prioritising higher returns from oil and gas, under investor pressure to improve its share performance. As part of the revised strategy, BP plans to cut over $5 billion annually from clean energy spending and divest $20 billion in assets by 2027. BP's rival Shell has similarly pared back its climate ambitions in recent months.
Irish Times
2 days ago
- Business
- Irish Times
BP offloads US onshore wind business as it pivots back to oil
BP has struck a deal to offload its US onshore wind business to LS Power, as the FTSE 100 energy major pushes ahead with its pivot back towards fossil fuels in a bid to revive its share price. The wind farms, spread across seven states, are all operational and have a combined capacity of 1.7GW, of which BP owns 1.3GW. The sale is the latest move in a $20 billion (€17 billion) divestment programme, announced by BP in February, to streamline its business and boost returns to shareholders after a period of lacklustre performance. READ MORE The terms of the deal, announced on Friday, were not disclosed. In April, BP said it had signed or completed $1.5 billion of divestments already in 2025 and expected to raise a total of $3 billion to $4 billion from asset sales over the course of the year. Some previous estimates have valued the BP's US onshore wind business at as much as $2 billion. However, pricing for recent transactions involving US wind farms of a similar age suggests the value is likely to be lower. BP said the deal followed a 'competitive' 10-month auction process. [ Shell denies takeover talk, but BP's woes persist Opens in new window ] After completion of the transaction, which is expected before the end of the year, BP Wind Energy will form part of LS Power's subsidiary Clearlight Energy, increasing the North American energy group's operating fleet to about 4.3GW. The move comes as BP seeks refocus on its core oil and gas operation. William Lin, the company's executive vice-president for gas and low-carbon energy, said on Friday that green energy still 'has a role to play' in its portfolio, adding: '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.' David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 The UK oil major put the wind energy business up for sale last September. At the time, Lin said the onshore wind business was 'not aligned' with BP's plans for growth in Lightsource bp, its solar energy business. BP is also exploring a sale of its lubricants arm Castrol, which has drawn interest from private equity and industry bidders and could be valued at $8bn, though some parties are considering making lower bids, the Financial Times reported in June. Over the past 12 months, BP's share price has fallen more than 10 per cent, sparking speculation that it could be ripe for a takeover. Activist investor Elliott Management has built a stake and been pressuring the board to shake up the business. Last month, rival Shell was forced to deny rumours that it was planning a bid for BP, saying it had 'no intention' of making an offer for the company. This month, BP warned that lower oil and gas prices were likely to hit second-quarter earnings, despite it increasing production. The company said it expected earnings in its oil business to be $600mn-$800mn lower in the three months to the end of June than the previous quarter, while gas would be between $100mn and $300mn lower. BP's shares rose 1.9 per cent in morning trading. – Copyright The Financial Times Limited 2025
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
BP says to sell onshore wind business in US
In February, BP launched a major pivot back to its more profitable oil and gas business. (EPA Images pic) 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.
