BP Alternative Energy buys Greenlight Energy

BP Alternative Energy announced today that it has purchased Greenlight Energy, a US-based developer of wind power generation projects. The purchase will allow BP to accelerate its plans to develop a leading wind power business in North America.

BP has acquired all the shares of Greenlight Energy for a consideration of $98 million, excluding working capital and tax adjustments.

Greenlight is a developer of large-scale wind energy projects across the USA. Founded in 2000 and based in Charlottesville, Virginia, the company has a portfolio of 39 mature and early stage development projects across the USA with a potential total power generating capacity of 6.5GW. This portfolio contains a number of projects which BP expects to be able to develop over the next five years.

The purchase will further accelerate the rapid growth of BP’s US wind power business, a key part of BP Alternative Energy, the company’s low-carbon power generation business.

In July, BP Alternative Energy announced it had reached agreement with the wind project developer and turbine manufacturer Clipper Windpower to acquire a 50 per cent stake in a 2GW wind development portfolio in the USA as well as an agreement for the supply of turbines with a generating capacity of up to 2.25GW over the next five years.

“This purchase gives BP Alternative Energy immediate access to a large number of high quality wind development projects across the country, including a number of projects we expect to be able to develop over the next few years,” said Steve Westwell, chief executive of BP Alternative Energy.