FAQ: BP's Shift Back to Oil and Divestment from US Onshore Wind Energy
Summary
What is BP doing with its US onshore wind energy business?
BP is divesting its US onshore wind energy business by selling its share of 10 wind farms to LS Power, a New York-based utility-scale electric transmission operator.
Why is BP divesting its onshore wind energy business?
BP is pivoting back to fossil fuels after its efforts to transition to green energy seemingly fell short, indicating a strategic shift in its business focus.
How much clean energy do the wind farms generate?
The wind farms collectively generate enough clean wind energy to power over half a million American homes.
Who is buying BP’s onshore wind energy business?
LS Power, a utility-scale electric transmission operator based in New York, is buying BP’s share of the onshore wind farms.
What does this mean for the clean energy sector?
BP’s divestment and pivot back to oil could pose challenges for the clean energy sector, including companies like Mullen Automotive Inc., by making it harder to attract investment and consumers.
Where can I find more updates on companies affected by this shift?
Updates relating to companies like Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN.
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