In a striking move that underscores its evolving corporate strategy, BP PLC announced Friday that it has agreed to sell its onshore wind energy business in the U.S. to infrastructure investment heavyweight LS Power, as part of a sweeping $20 billion divestment program designed to reshape the energy giant into a leaner, more focused operation.
The deal, which involves BP Wind Energy North America Inc., comes on the heels of a competitive bidding process launched last September. LS Power, advised by law firm Greenberg Traurig LLP, is acquiring the assets to bolster its fast-growing renewable energy platform.
While neither side has disclosed the financial details, the transaction represents a significant portfolio recalibration for BP, aligning with its strategy to optimize operations even within its low-carbon ventures.
From Petroleum to Power Plays: A Strategic Realignment
“Low-carbon energy continues to play a role in BP’s future,” said William Lin, executive vice president for gas and low-carbon energy at BP, “but we’re committed to optimizing our portfolio to generate value, not just volume.”
Lin acknowledged that the U.S. onshore wind business—while packed with strong assets and talented teams—is no longer central to BP’s future vision. “We have concluded we are no longer the best owners to take it forward,” he said.
BP’s wind assets, spread across Indiana, Kansas, South Dakota, and Hawaii, have a combined gross capacity of 1.7 gigawatts, enough to power 340,000 to 425,000 homes. The company held interests in ten of those assets and operated nine.
