BP has divested three wind energy operations in Texas as part of a broader restructuring designed to optimise its US wind portfolio for long-term growth. The three wholly-owned BP wind facilities –Silver Star (60 MW generating capacity), Sherbino Mesa 2 (145 MW) and Trinity Hills (225 MW) — were purchased by funds managed by affiliates of Ares Management Corporation with Bank of America Merrill Lynch serving as financial advisor to BP in the transaction. BP Wind Energy will use the proceeds from the deal to fund technology upgrades elsewhere within its substantial remaining US wind portfolio.
“This deal allows us to focus on optimising and upgrading our other sites, helping us create a wind energy business that is sustainable for the long term,” said Laura Folse, CEO of BP Wind Energy. Following the deal, BP will continue to own interests in 11 wind farms in eight states, 10 of which it operates, with a net ownership of more than 1000 megawatts of wind power. “BP’s commitment to a low-carbon energy future remains as strong as ever as we seek to reduce emissions and create new lowcarbon businesses,” said Dev Sanyal, CEO, BP Alternative Energy. “We remain one of the largest operators of renewables amongst our peers and continue to grow as we see more opportunities.”