BP Makes Major Wind Power Investment

A large wind power investment by BP Alternative Energy’s move on the wind power market was nearly obscured by recent operational problems and investor lawsuits over the forced shutdown of its Prudhoe Bay, Alaska oil operations.

This week, BP acquired all the shares of Greenlight Energy, a US-based developer of wind power generation projects, for approximately $98 million (excluding working capital and tax adjustments). Greenlight is a developer of large-scale wind energy projects across the USA. Founded in 2000 and based in Charlottesville, Virginia, the company has a portfolio of some 39 mature and early stage development projects across the USA with a potential total power generating capacity of 6.5GW. This portfolio contains a number of projects, which BP expects to be able to develop over the next five years. The acquisition comes among a recent series of BP investments and commitments in the renewable energy realm. In July, BP Alternative Energy announced it had reached agreement with the wind project developer and turbine manufacturer Clipper Windpower to acquire a 50 percent stake in a 2 gigawatt (GW) wind development portfolio in the USA as well as an agreement for the supply of turbines with a generating capacity of up to 2.25 GW over the next five years. “This purchase gives BP Alternative Energy immediate access to a large number of high quality wind development projects across the country, including a number of projects we expect to be able to develop over the next few years,” said Steve Westwell, chief executive of BP Alternative Energy. “We look forward to working closely with the Greenlight team, who have built the company over the past six years.”
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