Energy major BP said today it had agreed to sell its US onshore wind business, bp Wind Energy, to US-based electricity transmission systems operator LS Power.
BP has been divesting assets and partnerships over increasing investor pressure to improve profitability after its shares underperformed rivals.
The deal comes under CEO Murray Auchincloss’ plans to cut BP’s investments in renewable energy and ramp up spending in oil and gas, in efforts to boost returns.
bp Wind Energy will be owned and operated under LS Power’s portfolio company Clearlight Energy, BP said.
