20 Jul BP plans £10 billion investment into Scottish offshore wind
BP and Germany’s EnBW have submitted a joint bid for the opportunity to build about 2.9GW of wind power capacity off the coast of Scotland.
The London-based oil and gas giant said the bid with EnBW represents a potential £10 billion investment into Scottish offshore wind projects, as well as local infrastructure including ports, harbours and shipyards.
The partners face competition for ScotWind’s first leasing tender in a decade, with the likes of Equinor, Ørsted, Royal Dutch Shell, RWE, TotalEnergies and Macquarie Group’s Green Investment Group all submitting bids.
Bidders must prove they have sufficient financial resources to build the projects, but the Scottish authorities will also consider factors like capability, experience and each project’s overall concept.
BP will tout its decades of experience extracting oil and gas from the North Sea, as the company aims to accelerate its shift away from fossil fuels and reach its goal of 50GW of renewable energy capacity by 2050.
“There’s a huge amount of infrastructure as well as customer access and distribution we can bring together in a way that pure play renewable companies or pure play companies in the space of utilities cannot bring,” said BP’s executive vice president of gas and low carbon energy Dev Sanyal.
The results of the ScotWind leasing round are expected to be announced early next year.