BP Sells Indian Wind Farm Operations

16 September 2009 (Last Updated September 16th, 2009 18:30)

Oil and gas supermajor BP has sold three wind farms in India for about US$95m as part of a strategy to scale back its non-US renewables assets, the company has announced. The wind farms – located in Karnataka and Maharashtra states with a combined installed capacity of 100MW – were sol

Oil and gas supermajor BP has sold three wind farms in India for about US$95m as part of a strategy to scale back its non-US renewables assets, the company has announced.

The wind farms – located in Karnataka and Maharashtra states with a combined installed capacity of 100MW – were sold to independent sustainable energy company Green Infra.

The deal leaves BP with $37m in cash, while an additional $58m in debt will be adopted by Green Infra.

Green Infra operates a 25MW wind farm in Tamil Nadu state.

In recent months, BP has repeatedly dismissed suggestions that it is withdrawing from the renewable energy market, despite the closure this summer of its Alternative Energy headquarters in London and the announcement that it would not be investing in UK wind farms.