As it turns its attention from renewable energy to oil and gas projects, BP has reached an agreement to move all of its offshore wind projects into a joint venture.
By the end of the decade, the oil giant, which has stated its desire to become “a world leader in offshore wind.”
Will have invested up to $5.8 billion (£4.5 billion) in existing offshore wind projects via the joint venture with Japan’s biggest power producer.
Due to the partnership with Jera, BP’s offshore wind investment would drastically decrease from the $10 billion (£7.8 billion) that was originally projected between 2023 and 2030.
According to the corporation, the agreement would “significantly reduce BP’s anticipated investment into renewables through.
The rest of this decade” and establish one of the biggest offshore wind companies in the world. Following the announcement of the partnership.
