BP Plans To Invest $2 Billion In Alternative Energy In 2011-Executive

Fox News By Naureen Malik Published April 05, 2011 Dow Jones Newswires

NEW YORK -(Dow Jones)- BP PLC (BP, BP.LN) plans to invest about $2 billion on renewable energy in 2011, although some potential investments in Europe have been stalled because of uncertain policies, the head of the company's alternative energy division said Tuesday.

The integrated oil giant is forging ahead with renewable-energy investments as it continues to repair its image after the Deepwater Horizon disaster nearly one year ago. The explosion at the drilling rig in the Gulf of Mexico resulted in the largest oil spill in U.S. waters. When the accident happened, BP had been branding itself as clean-energy innovator through development of solar, wind and other projects.

BP has invested $5 billion in renewable energy as of the end of 2010 and Katrina Landis, chief executive of the alternative energy unit, said the company would invest close to $2 billion this year. Last year BP generated more than $20 billion in gross profit.

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