BP is reportedly exploring the sale of a minority stake in its offshore wind business, as part of an effort by CEO Murray Auchincloss to scale back the company's renewables focus. According to sources cited by Reuters, BP has enlisted Bank of America to help find partners for the business.
The move is seen as a way for BP to reduce its financial exposure to the substantial investments needed to develop its offshore wind projects. While some sources confirmed BP's intention to seek external investors, one source noted that the company remains committed to its major offshore wind developments.
Since taking over as CEO in January, Auchincloss has shifted BP's focus toward high-margin businesses, marking a departure from former CEO Bernard Looney's strategy, which emphasized rapid expansion into renewables and a reduction in oil and gas production.
In a related development, BP recently announced plans to sell its U.S. onshore wind energy business, BP Wind Energy, as a fully integrated operation. The sale will include the company's experienced workforce, which is expected to transfer to the new owner upon completion.
