Chevron finalized the sale of its renewable energy subsidiary, Chevron Energy Solutions, to California-based OpTerra Energy Services Tuesday for an undisclosed sum.
The sale marks another step in Chevron’s divestment from the renewable energy sector.
OpTerra develops energy saving projects and clean energy systems using technologies such as solar and fuel cells.
The company is backed by California-based private equity firm Oaktree Capital Management.
Chevron Energy Solutions provided commercial, engineering and operational support services to improve the power reliability and energy efficiency of Chevron operations worldwide.
The subsidiary also developed renewable energy projects such as solar projects.
Chevron acquired Chevron Energy Solutions in 2000.
By 2010, Chevron Energy had developed hundreds of renewable and energy efficiency projects that reduced greenhouse emissions by more than 3 million metric tons, Businessweek said.
In August, Chevron suspended two solar projects being developed at its Kapolei refinery in West Oahu, Hawaii.
Chevron also dismantled its renewable power group in January even though the group had doubled its internal profit targets in 2013.
Chevron continues to own subsidiaries and hold stakes in projects developing geothermal, biofuel, wind and solar power.