Change of mind on wind power for BP

British Petroleum (BP)à‚ (NYSE:à‚ BP) has decided to not now sell its wind farm portfolio in the United States, a complete reversal of its announced wind power plant sale, made in April.

BP has reversed course on the sale of its US wind farm assets, which had been seen as part of the oil and gas group’s wider retreat from alternative energy.

“Despite receiving a number of bids, the company has determined that now is not the right time to sell the business,” the company told the Financial Times.

BP offered no reason for the move but values for wind farm assets have generally been declining. The company said it would instead concentrate on maximising the financial and operational performance of the wind farms.

The planned sales had been expected to earn $1.5bn for the company and the decision not to sell the US wind farms nevertheless is seen as going against the grain of the company’s recent unwinding of much of its involvement in alternative energy.

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