BP is spinning off its U.S. onshore wind business BP Wind Energy. [emphasis, links added]
BP has interests in 10 operating onshore wind farms across seven U.S. states, according to a Monday announcement. It operates nine of them.
When the wind blows, these projects can generate a total of 1.7 gigawatts of electricity. The company plans to sell all assets as a unit.
“BP Wind Energy’s assets are of high quality and connected to the grid, but Not consistent with our Lightsource BP growth plan”, William Lin, Executive Vice President, Gas and Low Carbon Energy, BP.
According to Reuters, BP CEO Murray Auchincloss announced in June that The company is freezing hiring and pausing new offshore wind projects to focus on oil and gas insteadas investors complained about the company's energy transition strategy.
written in Forbesenergy analyst David Blackmon reports The shift is contrary to the plans of the company's former chief executive Bernard Looney, which included “aggressive investment” in onshore and offshore wind projects.
According to a Utility Dive report, these projects have encountered profitability issues due to inflation and supply chain issues.
The company will take full ownership of a solar developer as part of the joint venture Lightsource BP.
Following the completion of the acquisition, the company stated, It will use the business to develop utility-scale solar power, which will help customers decarbonize their operations.
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