Activist investor pressures BP to scrap solar and wind farms

By JESSICA CLARK

Updated: 21:50 GMT, 2 March 2025

Activist investor Elliott has pressured BP to scrap its solar and wind power businesses.

The New York hedge fund does not believe BP boss Murray Auchincloss’s new strategy – described as a ‘fundamental reset’ – goes far enough to revamp the oil major’s fortunes. 

Auchincloss last week unveiled plans to spend less on renewables, invest in gas and sell a stake in BP’s Lightsource solar arm.

But Elliott, which has built a nearly £4billion stake in BP to become the oil major’s third largest shareholder, wants to see the company completely exit the solar power and wind farm sector, according to The Sunday Times.

Winds of change: Elliott wants to see BP completely exit the solar power and wind farm sector

It follows reports that Elliott felt the plan lacked urgency and wanted BP to make drastic cost cuts to strengthen its future as a standalone company.

The activist investor’s dissatisfaction raises questions over the future of Auchincloss and BP chairman Helge Lund.

Auchincloss last week admitted BP had got its net zero strategy wrong and gone ‘too far too fast’ in recent years.

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Activist investor pressures BP to scrap solar and wind farms

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