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BP axes Cape Vincent project, continues offloading development portfolio
Credit: by NAW Staff Friday February 28 2014 | www.nawindpower.com ~~
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BP Wind Energy, which last year announced plans to divest its entire U.S. development portfolio, says it is in the process of concluding the sale of the remaining development assets but canceling a 285 MW wind project in New York.
In October 2013, the company had submitted a notice to the New York Public Service Commission about the potential sale of its Cape Vincent wind project. Now, BP spokesperson Jason Ryan says, “Cape Vincent Wind Power LLC will withdraw from the New York State Article 10 permitting process and will wind down all of its contracts and agreements for the project. We expect this to be completed in the coming months.”
“BP has spent the last six years working with a wide range of stakeholders and community groups in Cape Vincent and throughout Jefferson County on the proposed wind farm,” Ryan adds. “We thank them for their engagement and co-operation during this time.”
Ryan says the terms of divested assets are confidential. However, BP told NAW last year that that the company’s development portfolio included 18 projects, representing approximately 3 GW in varying stages of development throughout the U.S.
However, BP still plans to retain its operating U.S. wind farms. The company is a full or part owner of 16 wind farms in nine states with a cumulative capacity of approximately 2.6 GW.
“Our focus remains on ensuring safe and reliable operations, and on maximizing the financial and operational performance of the existing assets,” comments Ryan.
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