BP windfarm operation up for sale

Energy giant BP has put its US windfarm operation up for sale, marking the continued retreat of big oil firms from renewable-energy investments while hydrocarbon projects offer them better returns.

The operator has already sold or earmarked for sale about £25billion of assets, partly to raise funds to pay for its 2010 Deepwater Horizon oilspill liabilities but also to reposition itself as a smaller, leaner company with an emphasis on high-margin oil production and exploration.

Reports said the latest sale could raise a further £992million. BP would not put a value on any deal, but said it expected attractive offers for the assets which include interests in 16 operating windfarms in nine states.