BP Divests Indian Wind Assets

BP continues to focus its wind business on its major development portfolio in the U.S. This week, the company announced the sale of its wind power interests in India. Green Infra Limited has purchased BP’s subsidiary, BP Energy India Private Limited (BPEIPL), which owns and operates three wind farms in India with a total generating capacity of approximately 100 megawatts (MW).

The transaction is valued at 4.622 billion Rupees [US $95 million], comprising a cash consideration received by BP of 1.779 billion Rupees [$37 million] and net debt assumed by the purchaser of 2.843 billion rupees [$58 million].

BPEIPL’s assets comprise three wind farms in India, a 40-MW project at Dhule, Maharashtra, which began operations in the third quarter of 2007, a 36.3-MW wind farm at Bharmasagara and a 23.1-MW project at Telagi, both in Karnataka, commissioned in the fourth quarter of 2008 and the first quarter of 2009, respectively.

Following a strategic review in 2008, BP decided to concentrate its global wind development activities on the portfolio of onshore wind development projects and opportunities that it had built up across the U.S.

Over the past three years, BP has built a wind business in the U.S. with interests in over 1,000 MW of installed gross generating capacity and more than 1,000 MW gross capacity at an advanced stage of development. In total, BP’s U.S. wind energy portfolio contains almost 100 projects, with a total potential generating capacity of up to 20,000 MW.

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