Latest news with #ClearlightEnergy
Yahoo
19-07-2025
- Business
- Yahoo
LS Power Acquiring bp's U.S. Onshore Wind Business
A leading developer of North American power and energy infrastructure projects said it has an agreement to acquire several U.S. onshore wind farms from a UK-based energy group. LS Power and bp Wind Energy North America announced the deal on July 18. LS Power said the deal comprises about 1,700 MW of operating onshore wind power generation capacity from 10 projects. LS Power, headquartered in New York, said the assets will be added to the company's existing fleet of renewable, energy storage, flexible gas, and renewable fuels assets, which comprises a 21,000-MW operating portfolio, and more than 780 miles of high-voltage transmission lines. LS Power also has another 350-plus miles of transmission infrastructure currently under construction or development. The transaction is expected to close by the end of 2025. Once the acquisition is complete, bp Wind Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy, which focuses on renewable power generation in the U.S. and Canada. The deal will increase Clearlight Energy's operating fleet to about 4,300 MW. LS Power said the purchase will further diversify Clearlight's operations beyond that company's existing wind, solar, and battery storage fleet. 'LS Power's mission is to solve complex energy problems to improve the world and make lives better by developing a cleaner, more reliable, and affordable energy ecosystem, and today's announcement represents a material investment in reaching that goal,' said Paul Segal, CEO of LS Power. 'As an integrated business, bp Wind Energy is a natural addition to Clearlight Energy's growing portfolio of scalable solutions that will broaden our reach geographically and supports our strategy to make energy more efficient, affordable and available.' William Lin, bp EVP for gas & low carbon energy, said, '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 U.S. wind business has great assets and fantastic people, but we have concluded we are no longer the best owners to take it forward. I am pleased we have reached a mutually beneficial deal with LS Power and I look forward to working with them to support our people in maintaining safe and reliable operations as we transition ownership.' The bp wind farms are located in Indiana, Kansas, South Dakota, Colorado, Pennsylvania, Hawaii, and Idaho. They provide electricity for more than 15 off-takers. The 10 facilities included in the deal are: Fowler Ridge 1, Indiana: 288 MW gross capacity. Fowler Ridge 3, Indiana: 99 MW gross capacity. Flat Ridge 1, Kansas: 44 MW gross capacity. Flat Ridge 2, Kansas: 470 MW gross capacity. Titan, South Dakota: 25 MW gross capacity. Cedar Creek 2, Colorado: 248 MW gross capacity. Fowler Ridge 2, Indiana: 200 MW gross capacity. Mehoopany, Pennsylvania: 141 MW gross capacity. Auwahi, Hawaii: 21 MW gross capacity. Goshen 2, Idaho: 125 MW gross capacity. 'We are excited to welcome bp Wind Energy to the Clearlight Energy family as we work to execute on a long-term value creation and growth strategy that will help accelerate the transition to a cleaner future,' said Jeff Norman, CEO of Clearlight Energy. 'As part of an organization entirely focused on natural energy solutions, bp Wind Energy will have the resources it needs to reach its full potential while our talented, complementary teams will benefit from our enhanced set of collective capabilities and expertise.' Said Segal, 'We are focused on a holistic approach to advancing American energy infrastructure that includes improving existing energy assets while investing in transformative strategies that make energy more efficient, affordable and available. Well-located with well-structured contracts, these new assets will expand our renewable energy presence and help to meet growing energy demand across the U.S. We look forward to welcoming the talented teams operating these assets to LS Power and partnering with them to drive value for our stakeholders.' —Darrell Proctor is a senior editor for POWER. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-07-2025
- Business
- Yahoo
LS Power Acquiring bp's U.S. Onshore Wind Business
A leading developer of North American power and energy infrastructure projects said it has an agreement to acquire several U.S. onshore wind farms from a UK-based energy group. LS Power and bp Wind Energy North America announced the deal on July 18. LS Power said the deal comprises about 1,700 MW of operating onshore wind power generation capacity from 10 projects. LS Power, headquartered in New York, said the assets will be added to the company's existing fleet of renewable, energy storage, flexible gas, and renewable fuels assets, which comprises a 21,000-MW operating portfolio, and more than 780 miles of high-voltage transmission lines. LS Power also has another 350-plus miles of transmission infrastructure currently under construction or development. The transaction is expected to close by the end of 2025. Once the acquisition is complete, bp Wind Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy, which focuses on renewable power generation in the U.S. and Canada. The deal will increase Clearlight Energy's operating fleet to about 4,300 MW. LS Power said the purchase will further diversify Clearlight's operations beyond that company's existing wind, solar, and battery storage fleet. 'LS Power's mission is to solve complex energy problems to improve the world and make lives better by developing a cleaner, more reliable, and affordable energy ecosystem, and today's announcement represents a material investment in reaching that goal,' said Paul Segal, CEO of LS Power. 'As an integrated business, bp Wind Energy is a natural addition to Clearlight Energy's growing portfolio of scalable solutions that will broaden our reach geographically and supports our strategy to make energy more efficient, affordable and available.' William Lin, bp EVP for gas & low carbon energy, said, '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 U.S. wind business has great assets and fantastic people, but we have concluded we are no longer the best owners to take it forward. I am pleased we have reached a mutually beneficial deal with LS Power and I look forward to working with them to support our people in maintaining safe and reliable operations as we transition ownership.' The bp wind farms are located in Indiana, Kansas, South Dakota, Colorado, Pennsylvania, Hawaii, and Idaho. They provide electricity for more than 15 off-takers. The 10 facilities included in the deal are: Fowler Ridge 1, Indiana: 288 MW gross capacity. Fowler Ridge 3, Indiana: 99 MW gross capacity. Flat Ridge 1, Kansas: 44 MW gross capacity. Flat Ridge 2, Kansas: 470 MW gross capacity. Titan, South Dakota: 25 MW gross capacity. Cedar Creek 2, Colorado: 248 MW gross capacity. Fowler Ridge 2, Indiana: 200 MW gross capacity. Mehoopany, Pennsylvania: 141 MW gross capacity. Auwahi, Hawaii: 21 MW gross capacity. Goshen 2, Idaho: 125 MW gross capacity. 'We are excited to welcome bp Wind Energy to the Clearlight Energy family as we work to execute on a long-term value creation and growth strategy that will help accelerate the transition to a cleaner future,' said Jeff Norman, CEO of Clearlight Energy. 'As part of an organization entirely focused on natural energy solutions, bp Wind Energy will have the resources it needs to reach its full potential while our talented, complementary teams will benefit from our enhanced set of collective capabilities and expertise.' Said Segal, 'We are focused on a holistic approach to advancing American energy infrastructure that includes improving existing energy assets while investing in transformative strategies that make energy more efficient, affordable and available. Well-located with well-structured contracts, these new assets will expand our renewable energy presence and help to meet growing energy demand across the U.S. We look forward to welcoming the talented teams operating these assets to LS Power and partnering with them to drive value for our stakeholders.' —Darrell Proctor is a senior editor for POWER.
Yahoo
19-07-2025
- Business
- Yahoo
BP Sells U.S. Onshore Wind Assets, Realigns Focus on Oil & Gas
BP plc BP, a British oil and gas giant, has entered into an agreement to divest its U.S. onshore wind business to LS Power, a U.S.-based energy firm. This move is part of BP's 'strategic reset', announced in February 2025, to shift focus to its traditional oil and gas business and scale back its expansion toward renewables. The energy giant has been facing criticism in recent years from investors due to its underperformance compared to its rivals in the energy sector. By divesting non-core assets and shifting its focus back to the traditional oil and gas business, BP intends to improve shareholder returns and address investor concerns. The company plans to deliver divestment proceeds worth over $3-$4 billion in 2025. BP's onshore wind business in the United States, named bp Wind Energy, includes 10 operational wind projects across seven states. The wind farms have a cumulative capacity of nearly 1.7 GW, of which BP owns 1.3 GW. Of the 10 operational projects, five are wholly owned by the British energy firm. BP holds a 50% stake in the other five projects. The company stated that the divestment of its US onshore wind business had taken place after a 10-month competitive bidding process, indicating strong interest from several buyers. The transaction is expected to conclude by the end of this year. Following the close of the deal, bp Wind Energy will operate as a part of LS Power's subsidiary, Clearlight Energy. This should bring the total capacity of LS Power's operating portfolio to about 4.3 GW. The financial details of the deal have not been disclosed yet. LS Power builds and operates electric transmission systems in the country. The company stated that the acquisition of bp Wind Energy should expand its renewable energy capacity, which should help meet the growing energy requirements in the United States. BP's Zacks Rank & Key Picks Currently, BP carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector are MPLX LP MPLX, Venture Global Inc. VG and W&T Offshore WTI, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. MPLX LP owns and operates a wide range of midstream assets. The partnership's midstream assets include oil and natural gas gathering systems and transportation pipelines for crude, natural gas and refined petroleum products. MPLX is least exposed to commodity price fluctuations as it generates stable fee-based revenues. Furthermore, it surpasses its industry peers in terms of distribution yield, reflecting its commitment to returning capital to its unitholders. Venture Global is primarily involved in the production and export of liquefied natural gas, sourced from the abundant gas basins in North America. It is the second-largest exporter of natural gas in the United States. The company is well-positioned to capitalize on the rise in LNG demand, partly driven by the growth of data centers and the global shift toward the use of lower-emission fuels. W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company's recent acquisition of six shallow-water fields in the Gulf of America boosts its production prospects, which is expected to significantly benefit WTI. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP) : Free Stock Analysis Report W&T Offshore, Inc. (WTI) : Free Stock Analysis Report MPLX LP (MPLX) : Free Stock Analysis Report Venture Global, Inc. (VG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
18-07-2025
- Business
- Reuters
BP sells US onshore wind business to LS Power
July 18 (Reuters) - Energy major BP (BP.L), opens new tab said on Friday it had agreed to sell its U.S. onshore wind business, bp Wind Energy, to U.S.-based electricity transmission systems operator LS Power. bp Wind Energy will be owned and operated under LS Power portfolio company Clearlight Energy, BP said.
Business Wire
05-06-2025
- Business
- Business Wire
Clearlight Energy Implements ISNetworld ® to Create a Scalable Contractor Management Program
DALLAS--(BUSINESS WIRE)-- ISN, the global leader in contractor and supplier information management services, announced Clearlight Energy, a renewable power generation company, has selected ISNetworld as its primary contractor information management platform to unify operational and onsite safety processes. The partnership builds on Clearlight Energy's legacy ties to Liberty Utilities, which has leveraged ISNetworld since 2012. 'As a new company focused on safe and responsible operations, we see this partnership as critical to building a culture of transparency and trust with our contractors and teams,' said Dan Lyons, Senior Manager EHS at Clearlight Energy. 'We are confident ISNetworld will help us lay a strong foundation for efficient operations and support our long-term safety goals.' Headquartered in Ontario, Canada, Clearlight Energy was established in January 2025 in connection with the separation of Liberty Utilities' renewable energy portfolio. Drawing on Liberty Utilities' long-standing partnership with ISN, Clearlight Energy is embedding ISNetworld into its operations across the United States and Canada to support safety and performance as it scales. Clearlight Energy plans to leverage ISN's tools and services, including health, safety, and environmental (HSE) document review, analytics and benchmarking dashboards, and worker-level training verification, to help ensure regulatory compliance and advance workforce readiness. 'Clearlight Energy's dedication to safety aligns with ISN's mission to help customers protect people,' said Rick Dorsett, Vice President of Energy Operations at ISN. 'We are proud to support a partner that prioritizes worker readiness and looks to continuously improve safety on its jobsites.' For more information on ISN's industry-leading software and services, visit About ISN ISN is the global leader in contractor and supplier information management, with more than 20 years of experience connecting 850 Hiring Clients in capital-intensive industries with 85,000 active contractors and suppliers to promote safety, health, and sustainability in the workplace. ISN's brands include ISNetworld ®, a global online contractor and supplier management platform, Transparency-One ®, a responsible sourcing platform built to bring transparency to supply chain management, and Empower ®, a worker-level app built to keep workers moving forward. ISN has 14 offices around the globe which provide award-winning support and training for its customers in more than 85 countries. ISN takes pride in leading worldwide efforts to improve the efficiency and effectiveness of contractor and supplier management systems and in serving as a world-class forum for sharing industry best practices, benchmarking performance, providing data insights among its members, and helping decision makers, including board members, ensure contractor and supplier risk is assessed and monitored. For more information, visit About Clearlight Energy Clearlight Energy operates a more than 3,000 MW portfolio of utility scale solar, wind, battery storage, and renewable natural gas projects across North America. Clearlight focuses on providing operational excellence to supply critical energy capacity and meet growing demand. Clearlight Energy has a 1,200 MW development pipeline of additional renewable resources to support grid reliability and decarbonization.
