Dive Summary:
- Still recovering from the costly 2010 oil spill, the London-based BP will sell its U.S. wind assets worth $3.1 billion and focus on its fossil fuel business.
- BP will shed 16 operating wind farms in 9 states generating 2,600 megawatts (MW) of energy , in addition to 2,000 MW of wind capacity not yet developed; BP divested from solar in 2011 and shed a carbon-capture project in Scotland.
- With operating wind farms worth $1.5 million to $2 million a MW, BP’s sale opens opportunity for international investors to capture footholds in the U.S. wind market.
From the article:
“’BP has decided to market for sale our U.S. wind energy business as part of a continuing effort to become a more focused oil and gas company and re-position the company for sustainable growth into the future,” Salt said. “For BP, this effort represents another example of prudent and active management of our global portfolio, consistent with our pledge to unlock more value for shareholders.’”