BP PLC (LSE:BP.) has sold a 20% stake in its trans-Adriatic pipeline business to private equity group Apollo and put its US onshore wind energy business up for sale.
BP said the sale of the stake to Apollo would "unlock near-term value and capital for efficient reallocation".
The FTSE 100 oil giant also has agreed a separate collaboration with Apollo to "explore greater strategic cooperation, including energy transition opportunities".
BP is also looking to cash-out from its US wind business, where it has 10 US operating sites across seven states, all connected to the grid and with a total combined capacity of 1.3 gigawatts.
BP said it wanted to focus on solar power business Lightsource BP as the main renewables platform for the US.
“This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value,” said William Lin, head of BP’s gas and low carbon energy unit.
The US wind portfolio may be worth over $2 billion, analysts at RBC Capital Markets estimated.