A fantastic win for BP & TotalEnergies as they win the development rights for four sites in 7GW German dynamic tender round with bids combining to over €12 billion, two North Sea zones both totalling 2GW each will be located between 130km and 150km off the coast.
The determination of the eligible bidders took place online in several bidding rounds with increasing bid levels. Several bidding rounds were carried out per day. A total of 55 – 72 bidding rounds were conducted per site and the results confirmed the demand for investments in offshore wind energy in Germany.
Executive Vice President of Gas And & Low Carbon Energy, Anja-Isabel Dotzenrath said: “These awards are a huge milestone for BP’s decarbonization plans in Germany and are a strong reflection of our wider strategy.
The renewable power we aim to produce will anchor the significant demand we expect for green electrons for our German operations, from a whole host of products and services including green hydrogen and biofuels production, electric mobility growth and refinery decarbonisation.
Germany is a core market for BP and we are excited to continue and grow our business here. The investment is fully aligned with our integrated energy strategy and is accommodated within our disciplined capital frame. Expected returns of 6-8% are consistent with our renewables and power growth engine on an unlevered basis, with the potential to realise enhanced value through integration across the Germany value chain.”
The competition for offshore wind energy is higher than ever. The results are an important step towards achieving the offshore expansion target of 30 GW by 2030.
Further Sources:
For further information about the four sites, or to find out about what jobs we have to offer in Germany, contact us on hello@lsprenewables.com
