LONDON (Dow Jones)–U.K. energy giant BP PLC (BP) said Wednesday it has sold its wind farms in India for $95 million as part of its ongoing drive to refocus its wind business on the U.S.
Private equity-backed Green Infra Ltd has purchased BP's three wind farms in India with a total generating capacity of approximately 100 megawatts, paying $37 million in cash and assuming $58 million in debt.
BP Chief Executive Tony Hayward has been trimming the broadly focused renewable energy business built up by his predecessor John Browne. In wind power, the company has decided to focus on the U.S., where costs are lower and planning regulations less onerous. BP???s U.S. wind energy portfolio contains almost 100 projects, with a total potential generating capacity of up to 20,000 MW.