BP to hold on to its renewables

CleanTech.com
July 30, 2008

The oil giant decides against spinning off its cleantech investments.

Cleantech is getting another chance at London-based BP (NYSE: BP). The world's third largest oil company has decided not to spin off its investments in renewable energy, which includes interests in solar, wind and biofuel.

Tony Hayward, CEO of BP, said in the company's second quarter conference call that "we are creating value in Alternative Energy. These businesses are increasingly economic without subsidy and we will continue to provide visibility on our investments and the value that's being created."

In February, Hayward hinted that he might be considering a sale of the company's alternative energy business in a strategy update he gave to analysts (see BP may sell renewables business).

Read the full story