BP to Buy Dominion's Stake in Indiana Wind Project
July 16 2020 - 11:07AM
Dow Jones News
By Colin Kellaher
BP PLC Thursday said its bp Wind Energy unit has agreed to buy
the remaining 50% interest in the Fowler Ridge 1 wind asset in
Indiana from its current partner, a unit of Dominion Energy
Inc.
Financial terms weren't disclosed.
The U.K. oil major said Fowler Ridge 1, located in central
Indiana, includes 162 wind turbines with a generating capacity of
300 megawatts.
BP said the deal, which will increase bp Wind Energy's net wind
generation capacity by more than 15% to 1,076 megawatts, advances
its plans to increase its investments in low- and zero-carbon
energy systems.
As the oil industry faces growing investor and consumer pressure
over fossil fuels, BP in February said it would aim to reduce its
net carbon emissions to zero by 2050 and restructure its
oil-focused businesses to better navigate a transition to other
fuels.
Dominion acquired its stake in Fowler Ridge from BP in 2008.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 16, 2020 10:52 ET (14:52 GMT)
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