Latest news with #onshorewind
Yahoo
16 hours ago
- Business
- Yahoo
LS Power Acquiring bp's U.S. Onshore Wind Business
A leading developer of North American power and energy infrastructure projects said it has an agreement to acquire several U.S. onshore wind farms from a UK-based energy group. LS Power and bp Wind Energy North America announced the deal on July 18. LS Power said the deal comprises about 1,700 MW of operating onshore wind power generation capacity from 10 projects. LS Power, headquartered in New York, said the assets will be added to the company's existing fleet of renewable, energy storage, flexible gas, and renewable fuels assets, which comprises a 21,000-MW operating portfolio, and more than 780 miles of high-voltage transmission lines. LS Power also has another 350-plus miles of transmission infrastructure currently under construction or development. The transaction is expected to close by the end of 2025. Once the acquisition is complete, bp Wind Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy, which focuses on renewable power generation in the U.S. and Canada. The deal will increase Clearlight Energy's operating fleet to about 4,300 MW. LS Power said the purchase will further diversify Clearlight's operations beyond that company's existing wind, solar, and battery storage fleet. '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 Paul Segal, CEO of LS Power. 'As an integrated business, bp Wind Energy is a natural addition to Clearlight Energy's growing portfolio of scalable solutions that will broaden our reach geographically and supports our strategy to make energy more efficient, affordable and available.' William Lin, bp EVP for gas & low carbon energy, said, '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. The onshore U.S. wind business has great assets and fantastic people, but we have concluded we are no longer the best owners to take it forward. I am pleased we have reached a mutually beneficial deal with LS Power and I look forward to working with them to support our people in maintaining safe and reliable operations as we transition ownership.' The bp wind farms are located in Indiana, Kansas, South Dakota, Colorado, Pennsylvania, Hawaii, and Idaho. They provide electricity for more than 15 off-takers. The 10 facilities included in the deal are: Fowler Ridge 1, Indiana: 288 MW gross capacity. Fowler Ridge 3, Indiana: 99 MW gross capacity. Flat Ridge 1, Kansas: 44 MW gross capacity. Flat Ridge 2, Kansas: 470 MW gross capacity. Titan, South Dakota: 25 MW gross capacity. Cedar Creek 2, Colorado: 248 MW gross capacity. Fowler Ridge 2, Indiana: 200 MW gross capacity. Mehoopany, Pennsylvania: 141 MW gross capacity. Auwahi, Hawaii: 21 MW gross capacity. Goshen 2, Idaho: 125 MW gross capacity. 'We are excited to welcome bp Wind Energy to the Clearlight Energy family as we work to execute on a long-term value creation and growth strategy that will help accelerate the transition to a cleaner future,' said Jeff Norman, CEO of Clearlight Energy. 'As part of an organization entirely focused on natural energy solutions, bp Wind Energy will have the resources it needs to reach its full potential while our talented, complementary teams will benefit from our enhanced set of collective capabilities and expertise.' Said Segal, 'We are focused on a holistic approach to advancing American energy infrastructure that includes improving existing energy assets while investing in transformative strategies that make energy more efficient, affordable and available. Well-located with well-structured contracts, these new assets will expand our renewable energy presence and help to meet growing energy demand across the U.S. We look forward to welcoming the talented teams operating these assets to LS Power and partnering with them to drive value for our stakeholders.' —Darrell Proctor is a senior editor for POWER. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
BP to sell US onshore wind business to LS Power for undisclosed sum
By Yamini Kalia and Raechel Thankam Job (Reuters) -BP has agreed to sell its U.S. onshore wind business to U.S.-based LS Power, as part of its ongoing divestment strategy, the energy major said on Friday, without disclosing a deal value. bp Wind Energy will be owned and operated under power and energy-focused investment and operating company LS Power's Clearlight Energy. BP has come under criticism from investors for its underperformance in recent months, leading to a strategy revamp with promises to cut debt, increase cash flow and a major pivot back to oil and gas after an ill-fated foray into renewables. The company is targeting $3 billion to $4 billion in disposals by the end of this year. It has pledged to divest $20 billion worth of assets by 2027 under CEO Murray Auchincloss' plans. "The absence of consideration in the press release is unusual given the potential size of the transaction," HSBC analyst Kim Fustier said. "This may suggest that the portfolio could be worth less than typical multiples for onshore wind assets," Fustier said, adding that another disposal will likely be needed to reach the disposal target this year. BP struck a deal with Apollo Global Management in March to sell its stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion. The deal comprises 10 operating wind assets with a combined gross generating capacity of 1.7 gigawatts, BP said. The acquisition will increase Clearlight Energy's operating fleet to about 4,300 megawatts, LS Power said. Shares of the London-listed company were up 1.9%, with other energy companies also tracking a rise in oil prices.
Reuters
2 days ago
- Business
- Reuters
BP to sell US onshore wind business to LS Power for undisclosed sum
July 18 (Reuters) - BP (BP.L), opens new tab has agreed to sell its U.S. onshore wind business to U.S.-based power grid operator LS Power, as part of its ongoing divestment strategy, the energy major said on Friday, without disclosing a deal value. BP has come under criticism from investors for its underperformance in recent months, leading to a strategy revamp with promises to cut debt, increase cash flow and a major pivot back to oil and gas after an ill-fated foray into renewables. The company is targeting $3 billion to $4 billion in disposals by the end of this year. It has pledged to divest $20 billion worth of assets by 2027 under CEO Murray Auchincloss' plans. "The absence of consideration in the press release is unusual given the potential size of the transaction," HSBC analyst Kim Fustier said. "This may suggest that the portfolio could be worth less than typical multiples for onshore wind assets," Fustier said, adding that another disposal will likely be needed to reach the disposal target this year. BP struck a deal with Apollo Global Management (APO.N), opens new tab in March to sell its stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion. bp Wind Energy, the business being sold, will be owned and operated under LS Power's portfolio company Clearlight Energy, BP said. The deal comprises 10 operating wind assets with a combined gross generating capacity of 1.7 gigawatts, BP said. Shares of the London-listed company were up 1.9%, with other energy companies also tracking a rise in oil prices.
Reuters
3 days ago
- Business
- Reuters
Britain's OVO Energy to launch new renewables arm to modernise wind farms
LONDON, July 17 (Reuters) - British energy supplier OVO Energy said on Thursday it plans to launch a new renewable energy arm to help modernise existing ageing onshore wind farms to prolong their lifespan and boost output. OVO Renewables will have an initial investment of hundreds of millions of pounds and the first phase of modernisation could delver up to 500 megawatts of capacity, enough to power about 400,000 British homes, OVO said in a statement. Britain built some of the world's first onshore wind farms in the 1990s but many are ageing. New wind farms are often not accepted by local communities and also face planning consent delays. OVO Energy is one of the largest energy suppliers in Britain and supplies gas and electricity to about 4.5 million customers.
Yahoo
06-07-2025
- Business
- Yahoo
Minister visits turbines for onshore wind push
A minister has vowed to "break down barriers" to new onshore wind farms in the week Labour launched its onshore wind strategy. Parliamentary Under-Secretary of State for Energy Michael Shanks visited Westmill Wind Farm in Watchfield, on the Oxfordshire-Wiltshire border near Swindon, to talk to those involved with, and who have benefitted from, the project. The farm has five turbines and was commissioned in 2008. It claims to be the first 100% community-owned onshore wind farm built in the south of England but owners say it took more than 15 years to get planning approval. The government said its strategy for easing planning rules was crucial to achieving clean power targets by 2030. Shortly after being elected to power in 2024, Labour lifted the ban on onshore windfarms implemented by David Cameron's Conservative government in 2015. The Onshore Wind Strategy represents the government's next step in promoting the industry, with emphasis being placed on improving the planning system and including communities in the process. Shanks said onshore wind had many benefits including unlocking "skills and investment and supply chain jobs right across the country", as well as helping to meet the government's green targets. "We've already announced, in the [upcoming] Planning and Infrastructure Bill, reforms to how the planning system works, but the action plan we're announcing on onshore wind is also about breaking down all of those barriers," he added. "This isn't about saying local communities shouldn't have a voice in the process. "That is really important, but it is about saying it shouldn't take years and millions of pages of planning applications to get projects delivered." The strategy was "greatly welcomed" by Mark Luntley, chair of Westmill Wind Farm Co-operative, during the visit, who agreed that community buy-in was crucial for the acceptance of similar projects. Follow BBC Wiltshire on Facebook, X and Instagram. Send your story ideas to us on email or via WhatsApp on 0800 313 4630. County a solar farm dumping ground, says councillor Amazon plans England's tallest onshore wind turbine
