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BP has won a £6billion contract to build two wind farms off Germany – its first offshore expansion into continental Europe.
Located 130 and 150 km from Heligoland in the North Sea, the farms have a combined generating capacity of 4 gigawatts (GW) and are expected to connect to the grid by the end of 2030.
This move is a significant addition to BP’s green portfolio as their entire offshore wind repertoire generates just 9.2GW of renewable energy.
BP hopes to generate 50GW of renewable energy by 2030.
Head of BP Germany Patrick Wendeler said: ‘We are investing massively in Germany’s energy transition and our own.
Our major existing businesses here are transforming – powered by green hydrogen, biofuels and offshore wind.
‘Today’s win accelerates the pace of change as we look to do more. We look forward to the important role we can play contributing to Germany’s energy transition and efforts to become climate neutral in 2045.’
BP is keen to show investing in renewable energy remains a priority after chief executive Bernard Looney rolled back ambitions to cut oil and gas production, raising questions over its commitment to its energy transition strategy.
Shell boss Wael Sawan, has also come out in favour of his company maintaining focus on oil and gas in pursuit of higher returns, leaving some analysts questioning whether the energy crisis had weakened the European energy majors’ resolve to decarbonise.
But BP has long maintained that cutting oil production more slowly should not detract from investments in clean energy, and seized on its first sizeable renewable investment since the shift in strategy in February to emphasise its credentials. |
