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BP Global sticks to its alternative energy guns
Posted 20 March 09
Oil super-major BP has said that it will invest up to US$1 billion in solar, wind and biofuels projects this year, thus confirming it has no plans to abandon its alternative energy investment programme.
Announcing a new strategy for the renewables division at the UK-based company, CEO Tony Hayward said: “We will invest in a focused and disciplined way in the areas where we believe we can have the greatest competitive advantage.” “In 2009, we expect to invest between US$500 million and US$1 billion in alternative energy.”
- The money will fund the optimization of the company’s solar manufacturing operations. Last year, the company’s solar sales increased by more than 40% and an efficiency drive saw facilities in Sydney and Madrid closed down.
- The investment will also ensure the continued growth of BP’s wind power business in the US, where it has the third-largest wind farm portfolio in the country. “We have the most attractive opportunities in the US so we made a strategic decision to focus our portfolio there,” said Hayward.
- The energy giant is also keen to make progress on its bioethanol programme, which it began last year with a joint venture project in Brazil. It will also bring biobutanol to market and develop lignocellulosic conversion technology, which turns plant material into biofuels.
- Furthermore, BP said it would continue its investment in a joint venture with Al Masdar to fund a hydrogen energy scheme in Abu Dhabi. The project aims to demonstrate pre-combustion hydrogen power technology at a power plant that will also use carbon capture and storage (CCS).
Contrary to press speculation, BP will not abandon its renewables programme, Hayward said, adding that the alternative energy division was still a core part of BP’s growth strategy. “Despite the economic downturn, we believe that a disciplined approach to alternative energy continues to offer good opportunities,” he said.
BP is still on track to spend US$8 billion on renewables over 10 years – a plan that was announced in 2007. The alternative energy arm of BP was set up in 2005 as the renewables investment arm of the oil and gas company. Last year, investment from the division reached US$1.4 billion.
From Renewable Energy Monitor, NewsBase
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