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BP to Sell U.S. Onshore Wind Energy Business

Provided by Dow Jones

Sep 16, 2024 3:17pm

By Adam Whittaker

BP said it plans to sell its U.S. onshore wind energy division as it seeks to simplify its business.

The London-listed oil and gas company said Monday that it will launch the sale process for BP Wind Energy shortly.

BP didn't provide financial details. Bloomberg and the Financial Times have reported a business valuation of at least $2 billion.

The divestment is part of a strategy to simplify the business and increase the company's value, it said.

BP will focus on the development of onshore renewable power projects through Lightsource bp.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

September 16, 2024 11:17 ET (15:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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