Tony Hayward, CEO of London-based BP (NYSE: BP), hinted that he might be considering a sale of the company's renewable energy business in a strategy update he gave to analysts.

This was CEO Tony Hayward's first annual presentation since taking over from former CEO John Browne last May.

Hayward said he plans to expand the company's BP Alternative Energy business predominantly for its equity value.

"Our current view is that the equity value of Alternative Energy is between $5-and-$7 billion at current market conditions," he said.

"As we go forward we will be looking at how best we can realize that growing value for our shareholders."

In February, Princeton, N.J.-based NRG Energy (NYSE: NRG) announced that teamed up with BP Alternative Energy for a 150 megawatt Texas wind farm (see NRG, BP partner on wind farm).

And last November, BP joined Arizona State University and Science Foundation Arizona in a renewable biofuel research project (see BP joins Arizona biofuel research initiative).

Selling off all or part of the renewables business would reverse a major part of the company's strategy under Browne.

Browne headed up BP when the former British Petroleum rebranded itself using the slogan, "Beyond Petroleum."