Renewable energy

Renewable energy is the world’s fastest growing energy source and essential to getting the world to net zero

Rapidly growing our renewables business is core to our strategy: by 2030, we aim to have developed around 50GW of net renewable generating capacity globally, up from 3.3GW in 2021. And it takes well-designed policy at the federal and state levels to get there.

Onshore wind energy in US (bpWE)

In September 2024, bp announced that it plans to sell its existing US onshore wind energy business, bp Wind Energy, as an integrated business, with its experienced workforce expected to transfer to the new owner on completion of a sale.

• bp’s current gross US wind capacity through bp Wind Energy is 1.7GW (1.3 GW net capacity).
• bp operates nine onshore wind assets across six states (Colorado, Idaho, Indiana, Kansas, Pennsylvania and South Dakota), with interest in a tenth asset in Hawaii.
• Together, our US onshore wind farms generate enough renewable electricity to potentially power around 540,000 homes a year.
• bp Wind Energy’s largest onshore footprint is in Indiana, where we operate three wind farms spanning over 42,000 acres.

In April 2024, bp became the lead developer and 100% owner of the Beacon Wind project located in federal waters between Cape Cod, Massachusetts, and Long Island, New York, and the Astoria Gateway for Renewable Energy site. 

bp and Beacon Wind are dedicated to working with commercial and recreational stakeholders. We are actively engaging with fishermen in the project area to gain insight and perspective about how our industries can collaborate together to bring renewable energy to the region.

It will take smart policies – like those that expand US transmission infrastructure and clarify siting and permitting – to accelerate US wind growth. We’re engaging with federal, state and local stakeholders to make this happen.

Solar energy

Solar energy represents America’s fastest-growing power source, accounting for more than 40% of all new electricity generating capacity. Analysts have projected that total US solar capacity will quadruple over the next 10 years.

On October 24, 2024, bp completed its acquisition of the remaining 50.03% interest in Lightsource bp, one of the world’s leading developers and operators of utility-scale solar and battery storage assets. 

Lightsource bp expands bp’s presence globally in the onshore renewable energy industry, with a 62GW development pipeline and operations spanning 19 global markets, including 28 US solar projects in AL, AR, CA, CO, IN, KS, LA, NM, OH, PA, TX.

• Lightsource bp has developed a total of 3.5GW of US projects that are in operation or under construction – enough to power more than 600,000 homes per year. 

Renewables are a critical part to getting to net zero and we’re advocating for policies like clean energy tax credits to scale up solar projects in the US.