© Reuters. FILE PHOTO: BP signage can be seen on a petrol station near Brighton, UK
(Reuters) – BP (NYSE 🙂 Plc is preparing to bid for the rights to build wind farms off Scotland, The Times reported early Monday https: //.
Bernard Looney, BP's chief executive officer, told The Times the company was considering bidding to lease the seabed off Scotland for offshore wind projects in the upcoming Crown Estate Scotland auction.
Tenders for the ScotWind process, which includes 17 areas spanning 8,600 square kilometers (3,320 square miles) of seabed, have yet to be completed with a July 16 deadline, The Times reported.
BP is working on bidding for the Scottish leases with EnBW Energie Baden Wuerttemberg AG, the German regional utility with whom it worked on its first entry into the British offshore wind market in the Irish Sea in February.
In February, BP and EnBW won two locations with a total of 3 gigawatts (GW), which Bernstein analysts described as a "highly competitive race".
The aim is to increase the generation of renewable energy from the current 3.3 GW to 50 GW by 2030 while reducing oil production in order to reduce greenhouse gas emissions.
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