New Delhi (Natural Energy News): BP plans to have 20 GW of solar and wind generation capacity by 2025 in its portfolio. The strategy would see BP with 50 GW in renewable capacity by 2030 - a goal that Chief Executive Bernard Loney has argued was both realistic and achievable.
According to Dev Sanyal, Executive Vice President of Gas and Low Carbon Energy, the company already has a 20 GW capacity. Finished projects, however, are only about 2.5 GW. Due to the rapid travel from concept to construction, most of the pipeline's capacity is solar, accounting for 83 percent of the total.
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Last week, however, Supermajor announced a $ 1.1 billion agreement with Equinor, Norway for 50 percent of its offshore wind assets in the United States: Empire Wind from Long Island and Beacon Wind Farms off the coast of Massachusetts.
The Empire Wind alone will have a capacity of 2 GW while the Beacon Wind will have a capacity of 2.4 GW. Will continue to be the operators of Equinor Assets. For BP, the move is another part of its strategy from an oil company to focus on clean energy production as an integrated energy company. As part of this change, BP will reduce its oil production by 40 percent by 2030.
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BP is quite excited over the renovation. In the 2020 edition of its Energy Outlook, the company estimated that new solar and wind power additions could reach 550 GW in the next 15 years. BP seems set to make up a large portion of that total and gain, despite some skepticism, that it will be able to make returns on renewable energy that are as good as oil.
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