BP Selling Off US Wind Farms

Have to raise money for oil spill settlement

OIL giant BP has taken another step towards slimming down after the Gulf of Mexico oil spill. The company has put its US wind operation up for sale as part of a drive to raise at least $38billion (£25billion) from off-loading non-core assets.

BP is trying to raise funds to pay for its 2010 US oil spill liabilities and to reposition itself as a smaller oil producer and explorer.

It declined to speculate on what it may get for the wind farms, which it is thought could raise a further £991million but it forecast good offers for the assets, which include interests in 16 wind farms in nine states with a combined power generating capacity of about 2,600 megawatts.

(Hat tip to CharlesWT)