Chevron may offload renewable energy unit - report

Jun 10, 2014 - US oil giant Chevron Corp (NYSE:CVX) may be selling at least a portion of its renewable energy unit, Chevron Energy Solutions, to buyout firm Oaktree Capital Management, Bloomberg Businessweek reported yesterday.

The business magazine was informed about the move by current and former employees as well as by a government client. More details about the transaction have not yet been revealed.

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.

A sale of a stake in this business would follow Chevron’s exit from a number of renewable energy-related businesses. As reported by Bloomberg Businessweek in late May, the group divested an operation that invests in and builds utility-size renewable energy projects, including solar and geothermal.

A spokesperson for the company said in an e-mailed statement to the magazine that Chevron is still pursuing renewable energy technologies that make use of the group’s strengths and could lead to competitive economic returns.

Neither Chevron nor the private equity firm wished to comment on the rumoured sale of the specific unit when contacted by the Bloomberg publication.

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