BP plans major investment in low carbon energy
Wed 30 November 2005
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BP has announced plans to invest $8m (£4.6m) in alternative and renewable energy - "a growth business with growing revenues and growing profits" according to BP's Chief Executive Lord Browne.
BP plans to invest the money over ten years in power from solar, wind, hydrogen and combined cycle gas turbines. the money is expected to be split evenly between the four sectors, according to a report in The Financial Times.
A new business unit, BP Alternative Energy, is expected to recruit several hundred staff. £1.8bn will be invested over the first three years of the programme; a figure well ahead of BP's recent annual investment in alternative energy of up to £150m a year.
BP expects solar manufacturing capacity to double with a view to tripling sales. A major focus will be the creation of a portfolio of wind turbines in America, generating 200 megawatts by 2007.
Related Links
Times on-line news story
BP Press Release
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