BP bets £900m on UK offshore wind
Energy giant BP has announced plans to enter the UK offshore wind market with an investment of £900 million.
The firm will form a joint venture with German energy company Energie Baden-Wuerttemberg AG to operate two leases in the Irish sea – areas within which they will develop windfarms over the next few years.
Bernard Looney, CEO of BP, said in Electrical Review, “These projects – in which we are teaming up with an experienced partner EnBW – are absolutely in line with our determination to invest with discipline into only the very best opportunities. We are fully confident that these highly advantaged resources will deliver – at a minimum – the 8-10% returns we demand of our renewables investments.
“Additionally – offshore wind is integral to delivering the UK’s green industrial revolution. Building on the UK’s strengths, the government’s 10-point plan aims to produce enough offshore wind to power every UK home, quadrupling output to 40GW by 2030 – and BP is delighted to play a part in this.”