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BP sells 430 MW of Texas wind facilities to fund remaining US renewable fleet

BP Wind Energy North America Inc. announced it has sold 430 MW of operating wind energy capacity in Texas to funds managed by affiliates of Ares Management Corp.

The BP PLC unit will use the proceeds to fund technology upgrades elsewhere within its substantial remaining U.S. wind portfolio, which consists of 11 facilities in eight states totaling more than 1,000 MW of net ownership.

The Texas facilities, all of which operate in the Electric Reliability Council of Texas Inc. market, are the 60-MW Silver Star project in Erath County, the 145-MW Sherbino facility in Pecos County, and the 255-MW Trinity Hills facility in Young County.

"This deal allows us to focus on optimizing and upgrading our other sites, helping us create a wind energy business that is sustainable for the long term," BP Wind Energy CEO Laura Folse said in a Dec. 21 news release.

Bank of America Merrill Lynch served as financial adviser to BP.