Chevron closes sale of renewables unit to OpTerra

Sep 4, 2014 - US oil giant Chevron Corp (NYSE:CVX) has wrapped up the divestment of its renewable energy unit to OpTerra Energy Services, a company spokesperson told Bloomberg BusinessWeek on Tuesday.

The new owner of Chevron Energy Solutions is backed by private equity firm Oaktree Capital Management. The transaction, first reported by BusinessWeek in June, was concluded on August 29. Its financial terms were not disclosed.

The vendor has said in a statement that the disposal is part of its strategy to support the company’s upstream and downstream operations. Chevron continues to operate a portfolio of renewables such as wind, geothermal and solar, it added.

The sale follows Chevron’s exit from a number of renewable energy-related businesses. As reported by the business magazine in late May, the group divested an operation that invests in and builds utility-size renewable energy projects, including solar and geothermal.

Chevron Energy Solutions develops public sector solar photovoltaic (PV) projects, utility-scale geothermal projects and biomass plants, according to information on its website. The company is also engaged in implementing energy efficiency programmes.

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