By Colin Kellaher

 

BP PLC Thursday said its bp Wind Energy unit has agreed to buy the remaining 50% interest in the Fowler Ridge 1 wind asset in Indiana from its current partner, a unit of Dominion Energy Inc.

Financial terms weren't disclosed.

The U.K. oil major said Fowler Ridge 1, located in central Indiana, includes 162 wind turbines with a generating capacity of 300 megawatts.

BP said the deal, which will increase bp Wind Energy's net wind generation capacity by more than 15% to 1,076 megawatts, advances its plans to increase its investments in low- and zero-carbon energy systems.

As the oil industry faces growing investor and consumer pressure over fossil fuels, BP in February said it would aim to reduce its net carbon emissions to zero by 2050 and restructure its oil-focused businesses to better navigate a transition to other fuels.

Dominion acquired its stake in Fowler Ridge from BP in 2008.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

July 16, 2020 10:52 ET (14:52 GMT)

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