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BP Selling US Onshore Wind Business…to Refocus on Oil
Last month, the Biden administration appeared to be offering a "going out of business soon" giveaway of $4.3 billion to various "climate" projects. Now, energy giant BP has announced plans to sell its U.S. onshore wind energy business, saying its assets do not align with its growth plans. BP said it will launch the sale process shortly for the wind assets, bp Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states. "We believe the business is likely to be of greater value for another owner," William Lin, BP’s executive vice president for gas and low carbon energy said in a statement. Several offshore wind companies have cancelled or sought to renegotiate power contracts for planned U.S. projects in the past year, citing soaring materials costs, high interest rates, and supply chain disruptions. bp Wind Energy’s assets, which have net total generating capacity of 1.3 gigawatts, are not aligned with BP’s plans for growth in Lightsource bp, the London-listed company said. Posted by: Besoeker 2024-09-19 |
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