[ exact phrase in "" • ~10 sec • results by date ]

[ Google-powered • results by relevance ]

LOCATION/TYPE

News Home
Archive
RSS

Subscribe to RSS feed

Add NWW headlines to your site (click here)

Sign up for daily updates

Keep Wind Watch online and independent!

Donate $10

Donate $5

Selected Documents

All Documents

Research Links

Alerts

Press Releases

FAQs

Publications & Products

Photos & Graphics

Videos

Allied Groups

BP scraps sale of U.S. wind farm business  

Credit:  Reuters | Jul 30, 2013 | reuters.com ~~

British oil company BP has decided to keep its U.S. wind farm business, one of the largest in the country, after four months in which it failed to attract a bid the company could accept, a spokesman said on Tuesday.

“We didn’t find an offer that we thought was the right value,” said the spokesman, citing guidance circulated by management at the end of last week.

“Our feeling is that the business is more valuable to us than to others. We had a number of bids, but we decided now is not the right time to sell.”

The sale was seen as a continuation of the retreat of big oil companies from renewable energy investments while oil and gas projects offer them better returns.

It would also have helped fund BP’s oil spill costs along with the $38 billion worth of assets it has already sold since the 2010 spill.

Bp has not put a value on the business but reports have said the sale could have raised a further $1.5 billion.

The assets include interests in 16 operating wind farms in nine states with a combined generating capacity of around 2,600 megawatts, as well as a portfolio of projects in various stages of development.

BP reported second quarter results earlier on Tuesday.

Source:  Reuters | Jul 30, 2013 | reuters.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

Wind Watch relies entirely
on User Funding
Donate $5 PayPal Donate

Share:


News Watch Home

Get the Facts Follow Wind Watch on Twitter

Wind Watch on Facebook

Share

CONTACT DONATE PRIVACY ABOUT SEARCH
© National Wind Watch, Inc.
Use of copyrighted material adheres to Fair Use.
"Wind Watch" is a registered trademark.
Share

Wind Watch on Facebook

Follow Wind Watch on Twitter