BP has struck an exclusive consultancy deal with Quaybridge, a UK-based renewables consultancy with experience in offshore wind, as part of its efforts to expand its renewables business. The two will collaborate to advance BP’s worldwide offshore wind portfolio as part of its zero-carbon growth goal, as well as to expedite the development of BP’s in-house offshore wind knowledge.
Members of the Quaybridge team will collaborate closely with BP’s Renewables Growth business development division as part of the new arrangement. Quaybridge collaborated with the BP and EnBW teams to win ‘preferred bidder’ designation for the Mona and Morgan Irish Sea leases in the recent UK Cycle 4 leasing round. The BP/EnBW partnership and Quaybridge are both participating in the ongoing ScotWind leasing round for offshore wind licences in Scotland on their own. This is not covered under the consultant agreement between BP and Quaybridge.
The services provided by Quaybridge to BP will be worldwide in scope. BP joined the offshore wind field last year when it invested in Equinor’s initiative to construct offshore wind farms in the US. BP and its German partner EnBW were recently selected preferred bidders in UK Round 4 for two Irish sea licences with a combined gross generating capacity of 3 GW. BP aims to have built about 50 GW of net renewable generating capacity by 2030, up from 3.3 GW in 2020. The strategy also includes ambitions to more than double BP’s annual low-carbon expenditure to about $5 billion per year, as well as a 40 per cent reduction in oil and gas output from 2019 to 2030.
