Saturday, 6 April 2013

BP getting out of green energy

According to businessGreen, BP is getting out of green energy.

BP has confirmed that it is looking to sell its US wind farm operation, accelerating its retreat from the renewable energy sector and hammering another nail in the coffin of its previous pledge to go "Beyond Petroleum".

With huge irony, BP puts this down to its quite natural desire to pursue sustainable growth.

"BP has decided to market for sale our US 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," the company said in a statement.

The company seems particularly keen to get out of wind energy.

The company holds interests in 16 operating wind farms in nine states, boasting a combined capacity of 2.6GW. It also has around 2GW of capacity in the pipeline in the form of "nearly shovel ready" projects.

BP still retains an interest in biofuels though.

Following the sale of the US wind arm the company's only remaining low carbon energy interests will be represented by a handful of small-scale research projects and its biofuel operations, which include substantial stakes in a number of Brazilian biofuel projects.

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