bp’s portfolio includes investments in solar, biofuels and low-carbon hydrogen technologies. Credit: Jonathan Weiss / Shutterstock.

British energy giant BP is evaluating the sale of a minority stake in its offshore wind division in a move aimed at sharing the substantial development costs associated with these projects, Reuters has reported.

The move comes after the company faced shareholder pressure over its 2020 energy transition strategy, as profits from renewables declined while oil and gas margins increased.

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bp has engaged Bank of America to identify potential partners.

The London-based oil and gas company is looking to lessen its financial burden in the burgeoning offshore wind sector while maintaining a commitment to its key renewable energy projects.

bp’s portfolio includes investments in solar, biofuels and low-carbon hydrogen technologies.

bp CEO Murray Auchincloss, who assumed his role in January 2024, has expressed the intention to restructure the company’s strategy, focusing on high-margin ventures.

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Auchincloss has also indicated plans to divest a share of bp’s solar joint venture, Lightsource BP, following its full acquisition.

In September this year, bp reportedly planned to divest its US onshore wind energy division, BP Wind Energy, explaining that these assets were not aligned with its strategic growth plans.

The move comes amid a backdrop of offshore wind companies in the US cancelling or renegotiating power contracts due to escalating costs, interest rates and supply chain issues.

The company does not yet operate any offshore wind farms but holds interests in projects across Britain, Germany, Asia and the US.

In 2023, bp secured the rights to develop two wind farms in Germany with a total capacity of 4GW, committing to a €6.7bn ($7.3bn) investment over twenty years once operational.

Alongside EnBW, bp is also developing three wind farms in British waters with a combined capacity of 5.9GW.