Sep 17, 2024 - Energy & Climate

BP plans to sell its U.S. onshore wind farms

Illustration of a stack of cash with three windmills on top of it. — Illustration: Victoria Ellis/Axios

British energy giant BP said that it will seek to sell its U.S. onshore wind business, which could fetch around $2 billion, as it refocuses its U.S. renewables business on solar.

Why it matters: This reflects how solar capacity is catching up to wind in the U.S., and may eventually surpass it, thanks to lower costs and installation complexity.

By the numbers: The portfolio includes nine wind farms in seven states, all controlled via a remote operating center in Houston, with 1.7 gigawatts of combined capacity (1.3 gigawatts net to BP).

BP's announcement didn't mention onshore wind assets outside of the U.S., or what this means for current projects in development.

The bottom line: The deal aligns with BP's pivot back to oil and gas under CEO Murray Auchincloss — a repudiation of predecessor Bernard Looney, who had aimed to make renewables a pillar of BP's energy business.

Even so, BP's heart never seemed to be in onshore wind, not even ranking in the top 10 onshore wind energy producers in the U.S.

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BP plans to sell its U.S. onshore wind farms

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