bp enters German offshore wind market
London, 12 July, 2023, (Oilandgaspress)– bp has been awarded the rights to develop two offshore wind projects in the German tender round, marking its entry into offshore wind in continental Europe.
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.
bp will lead the development, construction and operations of these fixed-bottom offshore wind projects, with grid connection targeted by end 2030. bp’s global offshore wind pipeline now totals up to 9.2GW net to bp.
Initial payments totalling €678m, 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.
bp and its predecessor companies have been operating in Germany for nearly 120 years and today it employs about 4,000 people in the country. bp operates two refineries in the country and Aral – Germany’s leading retail network with c 2,300 sites. It’s also a leading provider for EV fast-charging, providing 1,500 charging points in country.
Its main German offices are in Bochum and it recently expanded its Hamburg office to support its low carbon activities, including offshore wind and electric vehicle charging. bp has extensive low carbon hydrogen plans in country and earlier this year unveiled Europe’s first charging corridor for heavy-duty electric trucks.
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