BP cancels sale of 2.6 GW of US wind parks - report
Jul 30, 2013 - UK oil major BP (LON:BP) has abandoned its plan to sell its 2.6 GW portfolio of US wind parks, Reuters said today, citing a company spokesperson.
The company will still keep its shareholding in the 16 wind farms, the spokesman was cited as saying. Although BP received a number of bids they failed to match the company's expectations. As a result, the oil major decided that it would not be appropriate to sell the business right now, according to the spokesman.
BP will now try to maximise the financial and operational performance of its wind portfolio, SNL cited BP spokesman Matt Hartwig as saying in an e-mail statement last week.
BP Alternative Energy North America Inc, a division of BP, in April 2013 unveiled its intentions to dispose of its wind assets, seeking to focus on its oil and gas operations and position itself for sustainable growth. The wind farms are located in the states of California, Colorado, Hawaii, Idaho, Indiana, Kansas, Pennsylvania, South Dakota and Texas. The assets are valued at some USD 1.5 billion (EUR 1.13bn), according to a Financial Times report from April.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.