About bp

bp has set out an ambition to be a net-zero company by 2050 or sooner, and to help the world get to net zero. bp has set out a strategy for delivering this ambition. bp is focused on delivering its transformation into an integrated energy company, helping to provide the energy the world needs today, and investing in the energy transition.

In January 2021, bp and Equinor agreed to develop together two major lease areas located in federal waters off New York and Massachusetts, Empire Wind and Beacon Wind.  In January 2024, bp and Equinor announced that bp will take ownership of Equinor’s 50% stake in the Beacon Wind US offshore wind projects and Equinor will take ownership of bp’s 50% stake in the Empire Wind US offshore wind projects. Subject to closing the transaction, bp will work independently to develop Beacon 1 and Beacon 2 on a wholly owned basis. Beacon Wind 1 and 2 comprise a combined potential generative capacity in excess of approximately 2.5 GW. In the UK, bp and partner EnBW are leading the development of the Morgan and Mona offshore wind projects in the Irish Sea and the Morven offshore wind project in the North Sea. These projects have a combined potential generating capacity of 5.9 GW, sufficient to power the equivalent of around 6 million UK households. In early 2023, bp was successful in its bid to develop its first floating offshore wind demonstration project offshore Aberdeenshire.

In July 2023, bp was successful in its bids for two sites offshore in Germany with a potential generating capacity of 4 GW. bp has formed a strategic partnership with Japanese conglomerate Marubeni to explore offshore wind opportunities in Japan. bp has also formed a JV with Norway’s Deep Wind Offshore, a part of which saw bp acquire a 55% stake in the company’s early-stage offshore wind portfolio, which includes four projects across the Korean peninsula.

bp already has an onshore wind business in the US with a gross generating capacity of 1,700 MW, operating nine wind assets across the country. On 30 November 2023, bp announced that it agreed to acquire the 50.03% interest it does not already own in Lightsource bp, a global leader in utility-scale solar and energy storage development, which means that bp will take full ownership of Lightsource bp following completion of the transaction.

About EnBW

Energie Baden-Wuerttemberg AG (EnBW) is one of the largest energy supply companies in Germany and supplies electricity, gas, water and energy solutions and energy industry services to around 5.5 million customers with a workforce of more than 27,000 employees.

EnBW aims to strengthen its position as a sustainable and innovative infrastructure partner for customers, citizens and local authorities to an even greater extent. The repositioning of EnBW with a focus on renewable energies and smart infrastructure solutions is a key component of its strategy. With a focus on renewable energy and smart infrastructure solutions, EnBW’s objective is for half of the electricity it supplies to be from renewable sources by the end of 2025. This is already having a noticeable effect on the reduction of CO² emissions, which EnBW aims to halve by 2030 and to be climate neutral by 2035.

EnBW has been involved in the operation of hydro power plants in the Black Forest for more than 100 years and has a large and continuously growing number of onshore wind farms and solar photovoltaics in Germany, France and Sweden. In addition, EnBW developed, constructed and operates four offshore wind farms in Germany (EnBW Baltic 1, Baltic 2, Hohe See and Albatros) with a total installed capacity of 945 MW, commissioned between 2011 and 2020. A further 900 MW offshore wind farm, He Dreiht, is currently under development in Germany.