Report: BP to sell wind power assets, focus on oil and gas
The British multinational plans to sell interests in 16 operating wind farms in nine states with a total capacity of 2,600 MW
According to reports, BP plc will sell its wind power assets in the U.S. and focus on its main oil and gas business. The wind power assets are estimated to be worth as much as $5.2 billion.
The British multinational plans to sell interests in 16 operating wind farms in nine states with a total capacity of 2,600 MW. The company will also sell projects under development, including 2,000 MW of wind power projects ready to begin construction.
The company's assets are estimated at between $3.9 billion to $5.2 billion. Any sale of the wind assets would be subject to "attractive offers" being received, according to BP.
The sale of the U.S. wind power assets are another step in BP's attempt to recover from the Deepwater Horizon oil spill in the Gulf of Mexico that may cost the company $42 billion. The company has already sold $38 billion in oil fields, pipelines and refineries and has withdrawn from solar power.