Adam Whittaker of The Wall Street Journal reports that the divestment is part of a wider strategy to simplify the business and increase the company’s value as it transitions to an integrated energy company. Whittaker writes:
BP plans to sell its U.S. onshore wind energy division in a move to simplify its business and focus on its solar operation, Lightsource BP.
The London-listed oil and gas company said it would soon launch the sale process for BP Wind Energy, as the business isn’t aligned with its growth plans for renewables via Lightsource BP, a solar joint venture it expects to take full ownership of before the end of the year.
BP Wind Energy owns stakes in operating onshore wind energy assets across seven U.S. states. The grid-connected assets have a combined gross generating capacity of 1.7 gigawatts. BP didn’t provide financial details, but Bloomberg and the Financial Times have reported a business valuation of at least $2 billion.
The divestment is part of a wider strategy to simplify the business and increase the company’s value as it transitions to an integrated energy company, it said. […]
The sale is expected to complete in the fourth quarter of this year, subject to regulatory and other approvals.
Read more here.
