With divestment of Texas sites, focus shifts to upgrades elsewhere in portfolio
HOUSTON - BP has divested three wind energy operations in Texas as part of a broader restructuring designed to optimize its U.S. wind portfolio for long-term growth.
The three wholly-owned BP wind facilities –Silver Star (60MW generating capacity), Sherbino Mesa 2 (145MW) 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.
This deal allows us to focus on optimizing and upgrading our other sites, helping us create a wind energy business that is sustainable for the long term
Laura Folse CEO of BP Wind Energy
BP Wind Energy will use the proceeds from the deal to fund technology upgrades elsewhere within its substantial remaining U.S. wind portfolio.
“This deal allows us to focus on optimizing 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 in every part of our business, improve our products and create new low-carbon 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.”
In addition to wind energy, BP has significant biofuels and biopower businesses,
is a major player in the global solar energy market through its shareholding in
Lightsource BP and is progressing plans to commercialize Butamax bio-isobutanol technology, in partnership with DuPont. Around half of BP’s venturing investments focus on low-carbon solutions, including carbon capture use and storage.
Source : Link
Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.