Oil and Gas Giants are Partnering with & Investing in Renewables

Oil and gas companies throughout the nation are making increased efforts and plans to incorporate renewable energy plans into their businesses and the future of American energy. According to Bloomberg, oil companies have formed about 70 deals with solar, wind, and biofuel energy sectors throughout the past year. While many of these companies are European-based, a number of U.S oil and gas companies are beginning to put forth similar advancements in renewables. For example, Dallas-based Energy Transfer recently announced it has purchased a solar power project from Recurrent Energy, LLC, a subsidiary of Canadian Solar Inc.

The project, known as the Maplewood 2 Solar Project, is located in the Permian Basin of West Texas and will deliver affordable, clean power to Energy Transfer under a 15 year contract. Speaking of the project, chairman and CEO of Canadian Solar Dr. Shawn Qu said:

“The Maplewood 2 Solar Project is our third project to be constructed in Texas, bringing our total to more than 385 MWac of low-cost clean solar projects built in the Lone Star State. We are pleased that this project is now under construction, as it brings us that much closer to delivering low-cost, clean power to Energy Transfer.”

In addition to Energy Transfer, other companies are looking to incorporate alternative modes and sources for energy production to their wheelhouse. BP recently announced a partnership with Equinor to develop major offshore wind farms in the U.S. The plan will invest in wind farms throughout areas in New York City and Massachusetts with an ultimate plan of growing renewable energy generating capacity it develops from a rate of 2.5GW in 2019 to 50GW by 2030.

While the oil and gas industry continues to serve as a cornerstone of America’s energy sector – providing the mainstay of American energy needs – it is critical to continue innovation and growth in this shifting sector. An “all of the above” energy strategy that includes traditional energy sources and investment in renewables is key to our future. It is important for oil and gas companies to continue to meet our environmental goals, revolutionize our nation’s energy infrastructure development, and continue to meet our nation’s growing energy needs.

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