By Adria Calatayud 
 

BP PLC said Monday that it and partner EnBW Energie Baden-Wuerttemberg AG of Germany have together been selected as preferred bidder for two major 60-year leases in the first U.K. offshore-wind leasing round since 2010.

The U.K. energy giant said it and EnBW plan to form a 50-50 joint venture to develop and operate the leases, with four annual payments of 231 million pounds ($317.3 million) on each lease expected before projects reach final investment decision.

Both leases are located in the Irish Sea and offer a combined potential generating capacity of three gigawatts, BP said. The projects are expected to be in operation in seven years, and their generating capacity would then be sufficient to power more than 3.4 million households, BP said.

This marks BP's entry to the U.K.'s offshore wind power sector, the company said.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

February 08, 2021 02:45 ET (07:45 GMT)

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