
Traditional oil major BP has revealed that it is seeking to sell BP Wind Energy, which holds the company’s onshore wind assets in the United States.
BP Wind Energy’s portfolio covers seven US states through 10 onshore wind power assets. All but one of these are operated by BP in Houston via a remote operating centre. The assets are connected to the electricity grid and are already providing energy to customers; taken together, they can generate up to 1.7 GW, with BP’s share accounting for 1.3 GW.
The Executive Vice President for low-carbon energy and gas at BP, William Lin, said that as the company transitioned to becoming an integrated energy company, renewables will feature strongly in its strategy. He added that the:
“…assets are high-quality and grid-connected but are not aligned with our plans for growth in Lightsource BP. We believe the business is likely to be of greater value to another owner. This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value.”
Last year, BP, which makes the Castrol lubricant range, said that it was invoking its option to purchase the outstanding interest in solar power joint venture Lightsource BP, bringing it entirely into the company’s ownership.
Once the acquisition is completed, BP says it wants to grow Lightsource BP as a cost-competitive developer of both wind and solar power projects. It therefore hopes to sell BP Wind Energy as a complete business and transfer its workforce to the new owner.