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BP To Sell US Onshore Wind Business To Focus On Solar

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BP,Solar Energy,Wind Energy

British oil and gas giant BP Plc has announced plans to sell its onshore wind business in the U.S., citing a strategic shift towards solar energy. The company aims to divest BP Wind Energy, which operates 10 onshore wind assets across seven states with a total capacity of 1.3 GW, to focus on its Lightsource BP solar partnership.

British oil and gas multinational BP Plc NYSEBP has announced plans to sell its onshore wind business in the U.S., saying the business is not aligned with its growth plans as it seeks to focus on its Lightsource BP solar partnership. The company says it will launch the sale process shortly for BP Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states with net generating capacity totaling 1.3 GW.

The company’s latest move comes at a time when BP's new CEO Murray Auchincloss has paused new offshore wind projects and imposed a hiring freeze as the company re-orients to its legacy oil and gas business amid investor discontent over its energy transition strategy. It also marks a stark reversal from the direction the CEO's predecessor Bernard Looney took to rapidly move away from fossil fuels.

 

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