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BP to sell U.S. wind business for $1.5 billion

Staff writer ▼ | April 3, 2013
BP announced it will sell its U.S. wind farm operation. The new move marks a clear retreat from renewable energy to more profitable oil and gas projects.
BP wind farm
BP wind farmBP announced it will sell its U.S. wind farm operation. The new move marks a clear retreat from renewable energy to more profitable oil and gas projects.


The British oil giant has already sold, or wants to sale, some $38 billion worth of assets. The money will partly go to cover company's 2010 U.S. oil spill liabilities, and in part into a new oil and gas projects with better ROI. The company didn't announced the value of it U.S. wind farm bushiness, but Financial Times estimates it at around $1.5 billion.

The company expects "attractive offers" for the assets which include interests in 16 operating wind farms in nine states with a combined generating capacity of around 2,600 megawatts of renewable power, as well as a portfolio of projects in various stages of development, writes Reuters.


 

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