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BP Wind: Green and black

23 October 2010

BP’s response to the Gulf of Mexico attracted much negative public attention, and its likely bill for clean-up costs left it looking financially vulnerable. But during this difficult period, when an independent BP looked in doubt, it still managed to close a pair of wind financings. As it moves to sell $30 billion in assets to pay the bill for the spill and rebuild its public image, its wind portfolio continues to grow. BP Alternative Energy’s 200MW Fowler Ridge II in Indiana and 124.5MW Goshen North in Idaho reached financial close, in August and May respectively, as oil continued to flow into the Gulf. The spill, a result of an explosion on the Transocean-owned Deepwater Horizon rig on 20 April and its subsequent sinking on 22 April, is estimated to ultimately cost the BP more than $65 billion, according to Fitch. Standard & Poor’s (S&P) reported that the company had...

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