BP Wind Energy, a unit of UK oil major BP, has reached an agreement to sell three wind energy projects in Texas to Ares Management as part of organisational reshuffle.
BP to offload three wind energy farms in US amid business restructuring. Photo: Courtesy of BP p.l.c.
BP Wind Energy, a unit of UK oil major BP, has reached an agreement to sell three wind energy projects in Texas to Ares Management as part of organisational reshuffle.
As per the terms of the contract, funds managed by affiliates of Ares Management Corp will acquire the three wholly-owned BP wind facilities – the 60-MW Silver Star, the 145-MW Sherbino Mesa 2 as well as the 225-MW Trinity Hills wind projects.
BP said that the proceeds from the assets sale will be invested for technology upgrades within its remaining US wind portfolio.
BP Wind Energy CEO Laura Folse said: “This deal allows us to focus on optimizing and upgrading our other sites, helping us create a wind energy business that is sustainable for the long term.”
After completion of the transaction, BP will continue to own interests in 11 wind parks in eight states, 10 of which it operates. All the wind power facilities equates to net ownership of over 1000GW of wind power capacity.
BP Alternative Energy CEO Dev Sanyal said: “BP’s commitment to a low-carbon energy future remains as strong as ever as we seek to reduce emissions in every part of our business, improve our products and create new low-carbon businesses.
“We remain one of the largest operators of renewables amongst our peers and continue to grow as we see more opportunities.”
Besides wind energy, BP manages biofuels and biopower businesses and also operates on the solar market through Lightsource BP.
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https://renewablesnow.com/news/bp-wind-sells-430-mw-texas-portfolio-to-ares-637650/