BP Plc (NYSE: BP) plans to sell its onshore wind business in the U.S. as it focuses on its solar arm Lightsource BP.
The company is set launch a sale process for BP Wind Energy shortly, according to Bloomberg News. It plans to integrate development of onshore renewable power into Lightsource, Bloomberg reported. BP’s onshore wind business in the U.S. includes stakes in 10 operating wind farms, with net total generating capacity 1.3 gigawatts.
“We believe the business is likely to be of greater value for another owner,” says William Lin, BP’s executive vice president for gas & low carbon energy. “This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value.”