BP wins £6bn contract to build two wind farms off the coast of Germany as it looks to build its green portfolio
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.
Windfarm deal: BP is keen to boost its green credentials after chief executive Bernard Looney (pictured) rolled back ambitions to cut oil and gas production earlier this year
‘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.
‘Renewable power is a very important growth engine for us,’ said Matthias Bausenwein, BP’s head of offshore wind.
‘It is a clear sign of our commitment of transitioning 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 restricting 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 providers had committed less than 25 per cent of investment to renewables despite the world currently being on track to smash through emissions targets for 2050 if the world is to remain under 1.5 degrees Centigrade of warming.
US giants Chevron, Exxon Mobil and ConocoPhillips did not invest in renewables in 2022.
Exxon Mobil committed £23billion to oil and gas developments in Guyana. BP is designing new oil projects in Canada, Mexico and the North Sea, to name a few.
