BP sells onshore wind farm business in US

BP said green energy still has a ‘role to play’ in the slimmed-down group as it continues to offload parts of the business.

BP is to offload its onshore wind business in the US after agreeing a deal with a New York-based energy infrastructure firm (BP/PA)

BP is to offload its onshore wind business in the US after agreeing a deal with a New York-based energy infrastructure firm.

The FTSE 100 oil company said LS Power would buy the business, called BP Wind Energy North America, which includes 10 operating wind farms across America.

BP said green energy still has a “role to play” in the slimmed-down group as the deal marks the latest in a series of asset sales.

BP did not disclose how much the sale was worth, but said it was part of its aims to offload between 3 billion and 4 billion US dollars (£2.2 billion to £3 billion) worth of assets in 2025, under a wider 20 billion dollar (£14.9 billion) target.It confirmed that before the deal, it had already struck sales worth 1.5 billion dollars (£1.1 billion) by the end of the first quarter.

William Lin, BP’s executive vice-president for gas and low carbon energy, said: “We have been clear that while low carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalise and optimise our portfolio to generate value.

“The onshore US wind business has great assets and fantastic people, but we have concluded we are no longer the best owners to take it forward.”

Shares in BP stood 2% higher in morning trading on Friday.