To become an integrated energy company, scaling up renewables is a major focus
Since setting our net zero ambition, we’ve tripled our total potential wind capacity in the US and added 9 gigawatts (GW) of solar projects. Each new project meets our high expectations in energy efficiencies, is expected to generate returns of 8-10% and brings customers more options for reliable and affordable clean energy.
But this is only the beginning. At bp, we aim to increase our low carbon investments 10-fold by 2050.
Our confidence in the opportunities of the energy transition is growing, and we believe we can accelerate our net zero ambition.
We currently own or operate ten onshore wind assets across seven states, together they generate enough renewable electricity to power more than 540,000 homes a year. And we’re not just staying onshore, we’ve entered offshore wind by agreeing to take full ownership of the Beacon 1 and 2 projects (subject to closing) that have the potential generative capacity to deliver renewable energy to over 2 million consumers in the northeastern US.
We are advancing solar energy projects across the United States through our 50-50 joint venture Lightsource bp. Our partnership brings together Lightsource bp’s solar development and management expertise with bp’s scale, relationships and trading capabilities
We have a solar project pipeline spread across 12 states, with the largest portfolios in Texas and the Midwest. Assets with a combined generating capacity of 2.2GW are expected to reach a final investment decision by 2025, with further projects progressing by 2030