BP to offload US wind projects for $3.1bn

UK-based energy company BP is set to offload its stake in wind projects in US, valued at $3.1bn, as a part of its plan to exit noncore industries.

BP spokesperson Mark Salt stated that the company is keen to divest its ownership of 16 operating wind farms in nine states of US with a total capacity of about 2,600MW, reported Bloomberg.

“BP has decided to market for sale our U.S. wind energy business as part of a continuing effort to become a more focused oil and gas company and re-position the company for sustainable growth into the future,” added Salts.

In addition, the company would also sell the projects that are in different stages of development including its 2,000MW that is yet to be constructed.

The company that has invested nearly $55bn in US energy portfolio over last five years expects to receive potential offers for its wind assets.