BP plc (NYSE:BP) announced Friday that it will sell its entire U.S. onshore wind energy portfolio to LS Power, a New York-based energy infrastructure firm. This move is part of a broader strategy to streamline operations and prioritize targeted low-carbon investments.
The deal covers 10 wind farms across seven states with a total capacity of 1.3 gigawatts. This move is part of BP’s $20 billion divestment plan, which aims to refocus capital allocation.
William Lin, executive vice president for gas and low carbon energy at BP, said the assets and workforce were strong, but the company concluded that “we are no longer the best owners to take it forward.” He expressed confidence in LS Power’s ability to scale the wind business while supporting bp’s transitioning staff.
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LS Power plans to integrate the wind projects into its clean energy portfolio, which already spans 21GW of power generation and extensive transmission infrastructure. Paul Segal, CEO of LS Power, described the acquisition as a strategic expansion to meet rising energy demand through well-contracted renewable assets.
The sale is expected to close by year-end, pending regulatory approvals. So far in 2025, BP has completed or signed $1.5 billion in divestments and aims to hit $3–4 billion by year-end, with further updates due in its second-quarter earnings report.
This decision follows BP’s recent warning about a potential earnings dip tied to sliding oil prices, highlighting the company’s pivot toward more resilient and efficient operations.
Investors may also consider the iShares Global Clean Energy ETF (NASDAQ:ICLN) and the First Trust Global Wind Energy ETF (NYSE:FAN) for broader exposure.
Price Action: At the last check on Friday, BP shares were trading higher by 0.31% to $32.19 premarket.
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This article BP Sells US Wind Portfolio In $20 Billion Divestment Push originally appeared on Benzinga.com
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