BP enter German offshore wind market

The two North Sea sites, located 130km and 150km offshore in water depths of about 40m, have a total potential generating capacity of 4GW. Subject to receiving the necessary permits and approvals, these would be BP’s first offshore wind projects in Germany and are fully aligned with the company’s integrated energy company strategy and disciplined capital allocation.

“These awards are a huge important for BP’s decarbonisation plans in Germany and reflect our wider strategy. The renewable power we aim to produce will anchor the significant demand we expect for green electrons for our German operations, from a whole host of products and services including green hydrogen and biofuels production, electric mobility growth and refinery decarbonisation,” said Anja-Isabel Dotzenrath, BP’s executive vice president, gas and low carbon energy.

Initial payments totalling €678 million, equivalent to 10% of the bid amount, will be paid by July 2024. The remaining 90% will be paid over a 20-year period when the projects become operational in the next decade.

The recent tender supports Germany’s target of having 30GW of offshore wind projects installed by 2030, at least 40GW by 2035 and at least 70GW by 2045.

 

 

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Read the article online at: https://www.energyglobal.com/wind/13072023/bp-enter-german-offshore-wind-market/