BP sells US onshore wind business amid renewables retreat
The group, which ramped-up oil and gas production over the second quarter, told investors today its BP Wind Energy business, comprising 10 operating wind assets, would be bought by US firm LS Power for an undisclosed amount.
The business' workforce is expected to transfer to the new owner on completion of the deal.
BP has shelved its once industry-leading targets for reducing carbon emissions and slashed clean energy investment as it comes under pressure from investors to boost its share price.
The group is seeking to cut cleaner energy investment by more than $5billion annually and offload assets worth a total of $20billion by 2027.
The shake-up led to the departure of its green energy chief Giulia Chierchia last month.
William Lin, bp EVP for gas & low carbon energy, said on Friday: '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.
'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.'
BP shares were up 1.5 per cent to 403.2p in early trading, bringing losses over the last 12 months to just under 11 per cent.
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