BP wins £6bn contract to build two wind farms off the coast of Germany
BP wins £6bn contract to build two wind farms off the coast of Germany to build its green portfolio
BP has secured a £6bn contract to build two wind farms off the coast of Germany – the first offshore extension to continental Europe.
The farms are located 130 and 150 km from Heligoland in the North Sea, have a combined generation capacity of 4 gigawatts (GW) and are expected to be connected to the grid by the end of 2030.
This move is an important addition to BP’s green portfolio, as their entire offshore wind repertoire generates just 9.2 GW of renewable energy.
BP hopes to generate 50 GW of renewable energy by 2030.
Patrick Wendeler, head of BP Germany, said: ‘We are investing massively in Germany’s energy transition and our own.
Wind farm deal: BP is keen to bolster its green credentials after CEO Bernard Looney (pictured) rolled back ambitions to cut oil and gas production earlier this year
“Our large existing companies here are transforming – powered by green hydrogen, biofuels and offshore wind.
“Today’s victory accelerates the pace of change as we strive to do more. We look forward to the important role we can play by contributing to Germany’s energy transition and efforts to become climate neutral by 2045.”
BP is keen to show that investing in renewable energy remains a priority after CEO Bernard Looney reversed ambitions to cut oil and gas production, raising questions about its commitment to its energy transition strategy.
Shell boss Wael Sawan has also spoken out for his company to keep its focus on oil and gas in pursuit of higher returns, leading some analysts to question whether the energy crisis has weakened the European energy majors’ resolve to decarbonise.
But BP has long maintained that slowing down oil production should not detract from clean energy investment, and used its first major investment in renewable energy since the shift in strategy in February to emphasize its credentials.
“Renewable energy is a very important growth driver for us,” said Matthias Bausenwein, BP’s head of offshore wind.
“It is a clear sign of our commitment to moving from an IOC [international oil company] to an integrated energy company.’
It comes as the price of Brent crude oil rose above $80 a barrel yesterday for the first time since May.
Opec+ has been aggressively limiting production to raise the price of oil, making the switch to green less attractive.
Last year, it was reported that Europe’s six largest energy suppliers had invested less than 25 percent of their investments in renewables, despite the world currently being on track to meet its 2050 emissions targets if the world warms below 1.5 degrees Celsius. want to stay.
The American giants Chevron, Exxon Mobil and ConocoPhillips did not invest in renewable energy sources in 2022.
Exxon Mobil has committed £23 billion to oil and gas developments in Guyana. BP designs new oil projects in Canada, Mexico and the North Sea, among others.