BP sells India wind assets to Green Infra Limited
Oil major BP has sold its wind energy assets in India to Green Infra Limited, saying it is continuing to focus its wind business on the US. The decision comes despite optimistic projections for the Indian wind sector published this week.
The report by the Global Wind Energy Council (GWEC) and Indian Wind Turbine Manufacturers Association (IWTMA), says that wind power could provide up to 24% of India’s power demand by 2030 and create 213,000 green collar jobs, says a new report
BP sold its subsidiary, BP Energy India Private Limited (BPEIPL), which owns and operates three wind farms in India with a total capacity of around 100 megawatts (MW), to Green Infra Limited for a total of 4.622 billion Rupees ($95 million), including 1.779 billion Rupees in cash and net debt assumed by the purchaser of 2.843 billion rupees. Green Infra Limited is an independent power producer owned by funds managed by India’s leading infrastructure-focussed private equity company, IDFC Private Equity.
BPEIPL’s assets comprise three wind farms in India: a 40MW capacity farm at Dhule, Maharashtra, which began operations in the third quarter of 2007; a 36.3MW farm at Bharmasagara and a 23.1MW farm at Telagi, both in Karnataka, commissioned in the fourth quarter of 2008 and the first quarter of 2009, respectively.
BP has a number of other businesses in India, including the Tata BP Solar joint venture, which makes photovoltaic (PV) panels. BP says that the wind sale has no impact on these activities.
BP decided to concentrate its global wind development activities on onshore projects in the US following a strategic review in 2008. It says that over the past three years it has built a wind business in the US with interests in over 1,000MW of installed gross generating capacity and more than 1,000MW gross capacity at an advanced stage of development. It has interests in six operating wind farms in the US: the 400MW Fowler Ridge I project in Indiana; the 300.5MW Cedar Creek project in Colorado; the 100MW Flat Ridge I project in Kansas; the 20MW Edom Hills project in California; and the 150MW Sherbino I project and the 60MW Silver Star I project, both in Texas.
In total, BP’s US wind energy portfolio contains almost 100 projects, with a total potential generating capacity of up to 20,000MW.
Published: Wednesday, September 16 2009 | Last updated: Thursday, September 17 2009
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