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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.
By Reuters Staff
1 Min Read
Feb 8 (Reuters) - BP and Germany’s Energie Baden-Wuerttemberg AG (EnBW) have been selected together as the preferred bidder for two major leases in the UK’s offshore wind leasing round, the London-listed company said on Monday.
BP and EnBW intend to form a joint venture to develop and operate the leases. (on.bp.com/2LyqdaS) (Reporting by Shanima A in Bengaluru; Editing by Shounak Dasgupta)
bp and EnBW selected as preferred bidders for 3GW offshore wind in Irish Sea
Windfarms will occupy sea footprint the size of London and power 3.4 million homes
Image: Shutterstock
bp and German energy company Energie Baden-Wuerttemberg AG (EnBW), have been awarded two offshore wind farm leases in the Irish Sea, with a total capacity of 3GW.
The companies were awarded the leases, which are considered ‘advantaged’ due to the distance from shore, lower grid cost and faster cycle time, in the UK Offshore Wind Round 4, the first such UK leasing round since 2010.
Once operational, the generating capacity of the projects is predicted to power more than 3.4 million homes.