According to the IEA’s World Energy Outlook 2023, the share of wind and solar power in total generation is set to rise from 12% to about 30% by 2030. We’re helping to build that supply in onshore and offshore wind, where we are building capability in major markets worldwide, and by scaling solar power (please click here for our recently announced acquisition of the remaining shares in Lightsource bp).
For bp, it is all about integration across our businesses. We unlock value through renewables & power by providing low carbon electrons to produce hydrogen, decarbonize our own assets, and generate electricity for EV charging and renewables power trading.
We aim to have developed 50GW of renewable generating capacity to FID by 2030 – equivalent to the power needs of 36 million people*.
We are building a diversified renewable portfolio, including a global position in offshore wind, and recently announced the acquisition of the remaining shares in Lightsource bp, one of the world’s leading developers and operators of utility-scale solar and battery storage assets. These low carbon electrons will be optimized via our power trading arm and used in support of our investments in green hydrogen and EV charging, as well as our strategic end-user customers.
A gigawatt is how we measure the scale of renewables projects.
1GW = 1,000 megawatts = 1 billion watts.
*Based on 2019 global average electricity consumption per capita value.
At the end of 4Q 2023, our renewables pipeline stood at 58.3 gigawatts (GW) with the addition of 4GW from two offshore projects in Germany recently awarded, increases to LSbp's pipeline (5.3GW), and an increase in dedicated hydrogen renewables (12.4GW).
In three years, we’ve grown our offshore wind pipeline to 9.3GW net across projects in the US, UK and Germany.
LiDAR buoy technology
bp was recently awarded the rights to develop two offshore wind projects in the German tender round, marking its entry into offshore wind in continental Europe. bp will lead the development, construction and operations of these fixed-bottom offshore wind projects, with grid connection targeted by end-2030.
Onshore wind: We’ve upgraded 40 turbines at our Fowler Ridge 1 wind farm in Indiana with new technology that will boost their power generation by up to 40% without expanding the wind farm’s geographic footprint.
Learn more on onshore wind
Solar: In March 2023, Lightsource bp obtained environmental approval for 19 photovoltaic solar energy projects located in the provinces of Zaragoza, Seville, Córdoba, Toledo and Valladolid, Spain, which will allow it to develop a total of 1,620MW, creating more than 5,000 jobs.
Learn about lightsource bp
Onshore wind upgrades
The world's transition to a more secure, more affordable, lower carbon energy system needs massive investment in lower carbon energies AND continued investment in oil and gas as the alternatives grow. We're transforming bp to play our part – discover more belowOur transformation
Our investment in renewables is focused on opportunities where we can create integration value.
Using our scale, breadth of expertise and a combination of bp assets and third-party relationships, our power trading team offers a range of low carbon solutions that support the global energy transition alongside wholesale supply and market access.
Learn more on how renewable energy is projected to grow compared with other energy vectors in bp’s Energy Outlook 2023.
Wind and solar power expands rapidly, driven by increasing cost competitiveness and policies supporting a shift to low-carbon electricity and green hydrogen.