UK-based oil and gas company BP announced that it will withdraw plans to sell its US wind farm business after a four month search failed to attract the right bid for the company.
In April 2013, BP expressed its interest to sell 16 US wind farms and a portfolio of several other existing projects in the country in a bid to re-focus on oil and gas operations.
It’s wind farm assets in nine US states are said to have a combined generating capacity of around 2,600MW.
The move follows a series of asset sales worth approximately $38bn, to reportedly help finance the compensation costs related to the 2010 Gulf of Mexico oil spill.
A BP spokesman was quoted by Reuters as saying: "We didn’t find an offer that we thought was the right value. Our feeling is that the business is more valuable to us than to others. We had a number of bids, but we decided now is not the right time to sell."
The company has not provided an estimate of value on the business, but according to reports, the sale could have raised an additional $1.5bn.
Following the latest announcement by BP, the US Department of the Interior (DOI) gave its consent to the Mohave County Wind Farm, an Arizona wind power project proposed by BP Wind Energy North America with a capacity of up to 500MW.
Image: The combined generating capacity of the wind farms is around 2,600MW. Photo: courtesy of Freedigitalphotos.