BP to sell off US onshore wind arm

16th Sep 2024 15:00

(Sharecast News) - BP is planning to offload its onshore wind division in the US, disposing of interests in 10 assets, according to a statement from the energy titan on Monday.

BP Wind Energy has 1.7GW of gross onshore wind generating capacity, but its assets - situated across seven US states - are are said to be no longer aligned to the company's long-term strategy.

According to William Lin, the executive vice president of BP's gas and low carbon energy business, BP Wind Energy "is likely to be of greater value for another owner".

"This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value."

BP said that the sale, a process for which will start shortly, will enable it to focus on European solar power arm Lightsource BP.

The stock was up 0.6% at 406.4p by 1602 BST.