BP Wind to Divest U.S. Wind Energy Development Projects by Year's End

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Researched by Industrial Info Resources (Sugar Land, Texas)--BP Wind's (NYSE:BP) (London, England) plans to divest its U.S. wind energy development portfolio were put on hold in July of this year. But the company is now seeking to divest its wind energy business by the end of 2013, and it has submitted a notice to the New York Public Service Commission regarding the issue. These plans include the potential sale of its 285-megawatt (MW) Cape Vincent wind project.

The submitted notice says that BP Wind's portfolio consists of 18 projects that total 3 gigawatts (GW); all are in various stages of development.

"BP is seeking to sell these assets in one or more transactions," said a BP spokesperson. "It is expected that the transactions will close by year-end. The terms of the sale are confidential."

Although the company is selling its developmental portfolio, it does intend to retain its operating windfarms for the time being.

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