BP energy shift: Oil giant to sell US onshore wind assets to LS Power, trims $5 bn from clean push
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The sale includes 10 operational wind assets, though the deal value was not disclosed.
'The onshore US wind business has great assets and fantastic people but we have concluded we are no longer the best owners to take it forward,' said William Lin, BP's executive vice president for gas and low carbon energy, quoted AFP.
Lin added that low-carbon energy will continue to have a place in BP's simplified and more focused business model, but the company would keep rationalising its portfolio to create more value.
LS Power CEO Paul Segal said the acquisition, expected to close by the end of 2025, would 'help to meet growing energy demand across the US.'
The move comes after BP, once seen as an industry leader in climate goals, reversed course in February by scaling back its emissions reduction targets and slashing its clean energy investments. It is now prioritising higher returns from oil and gas, under investor pressure to improve its share performance.
As part of the revised strategy, BP plans to cut over $5 billion annually from clean energy spending and divest $20 billion in assets by 2027.
BP's rival Shell has similarly pared back its climate ambitions in recent months.
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