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…
