BP PLC has agreed to sell its US onshore wind business, BP Wind Energy, to LS Power as part of its strategic plan to simplify and focus its operations.
The transaction, which follows a competitive bidding process, is expected to be completed by the end of 2025.
The deal includes 10 operating wind assets spread across seven US states, with a combined net generating capacity of 1.3GW.
On completion, BP Wind Energy will be integrated into Clearlight Energy, an LS Power portfolio company, boosting its operational renewable energy fleet to approximately 4.3GW.
The divestment supports BP’s $20 billion programme to streamline its portfolio and prioritise value-generating investments in low-carbon energy. In its first-quarter update, the company said $1.5 billion of its divestment target had already been signed or completed.
William Lin, BP’s EVP for gas and low carbon energy, said: “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.”
LS Power’s CEO, Paul Segal, said: “These new assets will expand our renewable energy presence and help to meet growing energy demand across the US. We look forward to welcoming the talented teams operating these assets to LS Power.”
The wind business sale includes staff transfers, with existing BP Wind Energy employees expected to join LS Power as part of the transaction.
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