BP has purchased Charlottesville, Va.-based Greenlight Energy Inc., a developer of wind power generation projects across the U.S. The purchase will allow BP to accelerate its plans to develop a leading wind power business in North America through its BP Alternative Energy sector that was launched in November 2005.
From the purchase, BP has acquired all the shares of Greenlight Energy for a consideration of some $98 million, excluding working capital and tax adjustments, the company says. The company also plans on developing Greenlight's portfolio of mature and early-stage projects in the U.S. over the next five years - with a potential total power generating capacity of 6.5 GW.
"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," says Steve Westwell, BP Alternative Energy's chief executive.