British Petroleum, in a cost saving move, placed its US wind farm operations up for sale. It is one of the largest farms in the US as it continues its retreat from renewable energy investments.
The current market shows that oil and gas projects still continue to make better returns for investments made. Overall, BP has sold nearly US$38 billion in assets, where most of the proceeds would be used to pay its penalties resulting from the 2010 US oil spill.
The divestment of these assets also indicates that BP is repackaging itself into a smaller and leaner company focused on high margin oil production and exploration. This sale of the US wind farm operations alone can reap US$1.5 billion for the company.
The operations are sixteen separate wind farms located in nine different states producing 2,600 megawatts of renewable power. Also included in the possible deal are projects in various stages of development.
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