BP will sell its U.S. onshore wind business to New York-based LS Power, as the Big Oil giant continues to divest from much of its renewable energy assets amid financial challenges.
The anticipated sale, announced July 18 for an undisclosed sum, meshes with BP’s new strategy of doubling down on fossil fuel production while cutting overall costs, especially in clean energy investments. It includes ownership stakes in 10 U.S. wind farms with a combined gross capacity of 1.7 gigawatts, roughly enough to power 1.3 million homes.
