bp Agrees to Sell 1.3 GW Net US Onshore Wind Portfolio to LS Power

bp Agrees to Sell 1.3 GW Net US Onshore Wind Portfolio to LS Power

(IN BRIEF) bp has agreed to sell its US onshore wind arm, comprising ten operating wind farms totalling 1.7 GW gross (1.3 GW net) in seven states, to LS Power. The business—including the experienced bp Wind Energy team—will join LS Power’s Clearlight Energy fleet, boosting its renewable portfolio to around 4.3 GW. This divestment supports bp’s $20 billion divestment programme, under which bp aims to shed $3–4 billion of assets in 2025. The transaction is expected to close by the end of the year, subject to regulatory approval. bp EVP William Lin noted that LS Power is well‑placed to advance these wind assets, while LS Power CEO Paul Segal welcomed the acquisition’s contribution to US energy infrastructure.

(PRESS RELEASE) LONDON, 18-Jul-2025 — /EuropaWire/ — bp has reached an agreement to divest its US onshore wind business, BP Wind Energy North America Inc., to LS Power. Following completion, bp Wind Energy will operate under LS Power’s Clearlight Energy platform, expanding that portfolio to approximately 4.3 GW of capacity. The transaction encompasses ten operating wind farms across seven states, delivering a combined gross generation capacity of 1.7 GW (1.3 GW net to bp) and supplying power under long‑term contracts to over fifteen offtakers. bp’s skilled workforce will transfer to LS Power upon closing, which is expected by year‑end, pending regulatory approval.

This sale aligns with bp’s strategy to streamline its low‑carbon energy assets as part of the $20 billion divestment programme announced in February. In its first‑quarter 2025 results, bp updated its divestment target to $3–4 billion for the year, with $1.5 billion already signed or completed. Further updates will be provided with 2Q 2025 earnings.

William Lin, bp’s Executive Vice‑President for Gas & Low Carbon Energy, commented:

“While onshore wind will continue to play an important role in the energy transition, we believe LS Power is better positioned to grow and optimise these assets. We are grateful to our colleagues at bp Wind Energy and look forward to supporting a smooth handover to LS Power.”

LS Power CEO Paul Segal said:

“These strategically located wind farms, backed by robust contracts, will enhance our renewable footprint and support the reliability of the US grid. We welcome the bp Wind Energy team and look forward to driving value together.”

Details of Included Wind Assets

• Fowler Ridge 1, Indiana: 288 MW (100 % bp)
• Fowler Ridge 3, Indiana: 99 MW (100 % bp)
• Flat Ridge 1, Kansas: 44 MW (100 % bp)
• Flat Ridge 2, Kansas: 470 MW (100 % bp)
• Titan, South Dakota: 25 MW (100 % bp)
• Cedar Creek 2, Colorado: 248 MW (50 % bp)
• Fowler Ridge 2, Indiana: 200 MW (50 % bp)
• Mehoopany, Pennsylvania: 141 MW (50 % bp)
• Auwahi, Hawaii: 21 MW (50 % bp, operated by partner)
• Goshen 2, Idaho: 125 MW (50 % bp)

About LS Power

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy expansion solutions. Since inception, LS Power has developed or acquired 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through its transmission business, LS Power Grid has built 780+ miles of high-voltage transmission with an additional 350+ miles currently under construction or development. LS Power actively invests in and scales businesses that are meeting the growing needs of the energy expansion, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised more than $70 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.

Cautionary statement

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.

Media Contacts:

BP:
bp press office, London: +44 7342 056208, bppress@bp.com

Prosek Partners for LS Power
Pro-LScomms@prosek.com

SOURCE: BP