BP Focuses on Renewable Energy Shift by Selling U.S. Wind Assets and Investing in Green Hydrogen Project
Key Ideas
  • BP is selling its U.S. onshore wind energy business to prioritize onshore renewable energy projects through Lightsource bp.
  • The company announced an agreement to take full ownership of Lightsource bp, aiming to support its growth in developing cost-competitive renewable power assets worldwide.
  • BP and Iberdrola are collaborating on a 25MW green hydrogen project at BP's Castellón refinery, projected to reduce 23,000 tons of CO2 emissions annually.
  • The green hydrogen project involves a joint venture between BP and Iberdrola, showcasing a commitment to industrial decarbonization and promoting green hydrogen as a key decarbonization strategy.
BP plc is divesting its U.S. onshore wind energy business, BP Wind Energy, to focus on onshore renewable energy projects through Lightsource bp. The company is aiming to prioritize the development of renewable power assets such as solar and onshore wind. Additionally, BP is taking full ownership of Lightsource bp to support its growth in the renewable energy sector worldwide. On the alternative energy front, BP and Iberdrola are partnering on a 25MW green hydrogen project at BP's Castellón refinery. The project, expected to be operational by the second half of 2026, will utilize renewable electricity to produce green hydrogen, significantly reducing carbon emissions. The joint venture between BP and Iberdrola signifies a commitment to industrial decarbonization and showcases the potential of green hydrogen in reducing emissions and promoting sustainable energy practices. The collaboration between the companies reflects a shared long-term commitment to decarbonization and the development of green energy solutions.
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