Energy giant bp has announced plans to sell its US onshore wind energy business, bp Wind Energy, as part of its broader strategy to streamline its renewable energy portfolio and focus on growth through Lightsource bp, its solar power development subsidiary.
bp Wind Energy holds interests in ten operational onshore wind assets across seven states in the US, with a combined gross generating capacity of 1.7GW, of which 1.3GW is net to bp. Nine of these wind farms are managed by bp, and all are connected to the grid, providing power to a range of offtakers. The assets are remotely monitored and controlled from bp’s operations center in Houston, Texas.
“Renewables are an important part of our strategy as bp transitions to an integrated energy company,” said William Lin, bp’s Executive Vice President for Gas & Low Carbon Energy. He emphasized that while bp Wind Energy’s assets are valuable, they do not align with bp’s future growth plans centered on Lightsource bp.
In November 2023, bp announced its intention to acquire full ownership of Lightsource bp, a solar development joint venture. Once the acquisition is completed, expected by the end of this year pending regulatory approvals, bp aims to leverage Lightsource bp’s expertise to develop cost-competitive renewable energy projects globally, including both solar and onshore wind.
The divestment of bp Wind Energy is intended to position the assets with a new owner who can derive greater value from them, while bp continues to focus on simplifying its portfolio and maximizing value from its renewable projects. bp will sell the wind business as a fully integrated operation, with its experienced workforce anticipated to transfer to the new owner.
