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illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: BP plans to sell its U.S. onshore wind energy division to simplify its business and focus on its solar venture, Lightsource BP
• The company will soon initiate the sale of BP Wind Energy, with a potential valuation exceeding $2 billion
• This move aligns with BP’s broader shift towards integrated energy solutions
🔭 The context: BP Wind Energy owns stakes in wind assets across seven U.S. states, with a combined capacity of 1.7 gigawatts
• BP is increasingly focused on Lightsource BP, a solar joint venture that it aims to fully acquire by year-end
• Additionally, the company is selling part of its stake in the Trans Adriatic Pipeline for $1 billion while maintaining control
🌍 Why it matters for the planet: BP's strategy reflects a stronger commitment to solar energy and decarbonization efforts, steering away from wind in favor of more focused renewable operations
• This transition supports global moves toward low-carbon power generation
⏭️ What's next: BP is expected to finalize the sale of its wind energy division and pipeline share by the end of the year, subject to regulatory approvals
• The company will continue to expand its solar capacity through Lightsource BP
💬 One quote: "The shift will help meet BP’s own demand for low-carbon power and help customers decarbonise their operations," the company said
📈 One stat: BP Wind Energy’s U.S. assets have a combined gross generating capacity of 1.7 gigawatts
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