BP’s investment in renewables awaits “stable ecosystem”

The president of BP Portugal, Pedro Oliveira, said today that the investment in renewables of the British multinational in Portugal is dependent on the existence of a “stable ecosystem”, noting that the next steps will be given “with caution”.

“Portugal will not stay on the sidelines of this [renewable investment] agenda, but we will take the steps with the necessary caution against a short and medium term that is relatively uncertain, and has even relevant fiscal arbitrage dimensions and that can transform a line of attractive business in a ruinous business line, “said Pedro Oliveira.

During BP’s 90th anniversary in Portugal, the president said that the multinational is today “a global player in the wind, biofuels, natural gas, has bought the largest developer of solar projects – Lightsource – in Europe and has a position on the agenda of electric mobility.

When asked if the company is already analyzing concrete projects, the official declined to “respond with this objectivity,” but added: “BP at a central level is looking at Europe and why Portugal should not be an option for the group BP, and we have the presence we have in this country.

But there has to be a stable ecosystem in terms of investment and the changes do not help establish the baseline conditions for us to be on the radar with the force we would like it to be,” he said.

Pedro Oliveira recalled that “for many years BP had a solar project planned for the Alentejo that, at the last minute, because certain conditions changed, did not happen and this investment cannot be carried out.

At stake was the installation of what, according to the press, would be the largest solar power plant in the world, an investment of about 250 million euros, in the village of Amareleja, municipality of Moura.

In November 2003, a cooperation agreement was signed to formalize the structure between the Portuguese Investment Agency (API), the General Directorate of Energy, AMPER Central Solar, SA and BP Solar Spain.

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