BP plc (NYSE: BP), a leading UK-based energy company, has announced plans to sell its onshore wind business in the United States. This marks a strategic shift as the energy giant refocuses on its solar partnership and other renewable energy sources. The move, which came amid challenges in the wind sector, signals BP's shift from certain renewables despite previous efforts to diversify its energy portfolio.
BP to Exit Onshore Wind
The company revealed its intention to sell BP Wind Energy, which holds interests in 10 onshore wind projects across seven U.S. states, with a combined generating capacity of 1.3 gigawatts (GW). BP cited the misalignment of the business with its future growth strategies as the primary reason behind the sale. William Lin, BP's executive vice president for gas and low-carbon energy, stated that the wind business "is likely to be of greater value for another owner."
The onshore wind sector has encountered significant challenges of late, including high material costs, rising interest rates and supply-chain issues. Several companies in the sector have ...
