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Oil majors are diversifying their energy production to evolve with the times. Both BP and Total have highlighted strategies for wind energy production in the UK, with BP investing £924 million in the development of two sites.
In 2020, BP announced plans for net-zero carbon emissions by 2050. This ambitious offshore wind project appears to be BP’s way of putting its money where its mouth is. The company is partnering with German firm Energie Baden-Wuerttemberg (EnBW) to develop the sites in the Irish Sea.
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BP formed a joint venture with Germany’s Energie Baden-Wuerttemberg (EnBW) to bid for the leases. The terms agreed by the firms underline their belief in the potential of the territory covered by the leases. The acreage lies between the Isle of Man and Liverpool. The venture partners have agreed to pay the Crown Estate around £1.8 billion fees over the first four years in total. They could invest significantly more if they decide to proceed with the investment required to develop windfarms on the leases. “We are fully confident that these highly advantaged resources will deliver - at a minimum – the eight-10 per cent returns we demand of our renewables investments,” said Mr Looney.