BP Plans to Divest Offshore Wind Stakes, Cut Back on Renewables

BP plc (BP) , the British oil and gas giant, continues to scale down the expansion of its renewables business, bringing its focus back to fossil fuels. According to sources familiar with the matter, the company wants to sell off a minority stake in its offshore wind business. Per Reuters, BP has appointed Bank of America to search for partners to invest in its offshore wind business. Renewable projects like offshore wind farms generally require huge capital investments, and BP plans to reduce its share of t ...