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2w ago

BP Agrees to Sell US Onshore Wind Farms to LS Power

The 1.3 GW transaction expected to close by year-end pending approvals advances BP’s $20 billion divestment plan to fund its oil and gas pivot

BP's Fowler Ridge wind farm in Indiana is one of 10 onshore U.S. wind projects owned by BP being sold to LS Power.
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Overview

  • BP has signed an agreement to transfer BP Wind Energy North America, comprising 10 onshore wind farms, to New York-based LS Power
  • The portfolio spans seven US states and delivers a combined capacity of 1.3 gigawatts, enough to power over 500,000 homes
  • This deal represents a major component of BP’s aim to sell $3 billion–$4 billion in assets in 2025 as part of its broader $20 billion divestment strategy
  • BP completed $1.5 billion in asset sales by the end of the first quarter and is reallocating capital toward higher-return oil and gas projects under CEO Murray Auchincloss
  • LS Power CEO Paul Segal described the acquisition as a strategic expansion of its clean energy portfolio, with the closing subject to regulatory approval by year-end