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23

BP Acquired American Oil Firm

BP Alternative Energy announced its acquisition of the U.S. oil company

BP Alternative Energy announced its acquisition of the U.S. oil company Orion Energy on Wednesday.

Orion has more than 30 projects in development in 16 states with the potential to generate more than 6,000 megawatts.

We chose BP because of the company's long-standing commitment to find practical solutions to climate change, its financial strength, and proven ability to develop long-term energy projects, and BP's significant presence in the traded U.S. electricity markets, said Michael Haas, president of Orion. Including the projects gained in the deal, BP's North American wind portfolio now encompasses more than 100 projects in development with the capacity to potentially generate more than 15,000 MW, according to Orion.

BP also announced earlier this year another deal with Clipper Windpower to build enough wind turbines over the next five years to generate 4,250 megawatts.

Orion Energy has a strong track record as one of the leading wind energy companies in the U.S. and the Orion development team is among the very best in the industry, said Robert Lukefahr, president of BP Alternative Energy North America. This acquisition provides further evidence of BP's strong commitment to its alternative energy business and its strategy of delivering lower-carbon electricity solutions for America.Orion Energy has already developed 1,300 MW of wind projects since it was founded in 1998. Orion's staff and management will join BP Alternative Energy and will continue to operate from their offices in Oakland, Calif.