BP Mulling a Sale of Renewable Energy Business
28/02/2008
BP have suggested that its alternative energy division could be placed on the market for £3.5bn, in order to take advantage of rising values in the renewable sector.
Tony Hayward, the oil group's chief executive, said the company planned to invest $1.5bn in wind and solar operations over the next year to accelerate growth.
Fadel Gheit, oil analyst with Oppenheimer, believes that to sell the green energy business would be a good action for BP to take, "rather than having it hidden" within a large company.
BP had enough land to build 15 gigawatts of wind generation in the US, including Cedar Creek in Colorado, which is one of America's biggest wind farms. There was more growth planned for Europe, India and China. BP was aiming at growing solar sales to 800 megawatts by 2010.
