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BP plans to sell its U.S. onshore wind energy division in an effort to simplify its business and focus on its solar operation, The Wall Street Journal reports.
The oil and gas company says it will soon launch the sale process for BP Wind Energy, saying the business isn’t aligned with its growth plans for renewables via Lightsource BP, a solar joint venture it anticipates taking full ownership of before the end of the year.
BP Wind Energy owns stakes in operating onshore wind energy assets across seven states. The grid-connected assets have a combined gross generating capacity of 1.7 gigawatts. BP didn’t provide financial details, but Bloomberg and the Financial Times have reported a business valuation of at least $2 billion.
The divestment is part of a wider strategy to simplify the business and increase the company’s value as it transitions to an integrated energy company, it says.
