bp to expand global offshore wind portfolio with Quaybridge

British multinational energy company bp has signed a consultancy agreement with UK-based firm Quaybridge under efforts to achieve its net-zero strategic goals.

The deal follows successful cooperation between bp, Quaybridge, and EnBW in bidding for the Mona and Morgan Irish Sea project tenders.

Quaybridge’s team will work with bp’s Renewables Growth business development division to help bp expand its in-house offshore wind knowledge. bp will leverage the knowledge the company will gain to expand its global portfolio of offshore wind energy.

bp has plans to become a major within the global renewables market with the company targeting 50GW of renewables capacity by 2030 from just 3.3GW in 2020. The company plans to increase its annual low carbon investment 10-fold, to around $5 billion a year, and also plans to reduce oil and gas production by around 40% from 2019 to 2030.

bp plans to grab opportunities within the offshore wind energy sector. In 2020, the company, together with Equinor, announced its plan to expand the US market. bp also acquired a 50% stake in projects that are set to generate 4.4GW of generating capacity. Onshore in the US, bp has a gross generating capacity of 1.7GW and operates nine wind assets across the country. With EnBW, bp will develop 3GW of offshore generating projects in the UK and is currently bidding to develop offshore wind off the coasts of Scotland and Norway.

David Anderson, bp’s svp renewables growth said: “Investing in the right skills is critical to success. Quaybridge is trusted and respected in the offshore wind industry for their deep technical expertise and their entrepreneurial and agile spirit. We believe this partnership will give us a cutting edge in a hugely competitive industry as we look to accelerate our global portfolio and deliver our ambition to be a leader in offshore wind energy.”