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BP to sell U.S. wind energy assets

April 4, 2013 at 6:25 AM   |   Comments

LONDON, April 4 (UPI) -- British energy company BP plans to sell its U.S. wind energy portfolio and focus on oil and natural gas developments, company spokesman Mark Salt said.

Salt told Bloomberg News the company wants to sell its stake in 16 wind farms in operation in nine U.S. states. Those interests, combined with projects under development, account for about 4,600 megawatts of wind energy capacity.

"BP has decided to market for sale our U.S. 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," Salt said.

BP invested more than $50 billion in energy development in the United States since 2007. A tax credit for U.S. wind development expires next year.

A federal judge in New Orleans is hearing a case involving the 2010 oil spill in the Gulf of Mexico. BP since the disaster has sold more than $35 billion in conventional energy projects to focus on its most profitable assets.

The company pulled out of solar power developments and carbon-capture projects in 2011.

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