BP plans to invest $1 billion in 2011 in its renewable energy business, roughly the same amount it invested last year.
During the company’s fourth-quarter earnings call, BP CEO Bob Dudley said that a bulk of the company’s green Capex would largely support biofuel and wind projects.
Since 2005 BP says its has invested about $5 billion in its renewable energy business.
Dudley mentioned that BP was planning to construct a biofuel refinery in the Southeastern U.S. in the next 12 months. This is likely BP’s wholly-owned Vercipia cellulosic ethanol Highlands County facility.
As part of its biofuel buildup BP has also acquired Verenium Corp’s cellulosic biofuels business for $98 million.
In Brazil BP holds a 50 percent stake in Tropical BioEnergia and plans to invest $1 billion to operate two ethanol refineries.
In the U.S. BP currently generates more than 1,200 megawatts of wind-powered electricity. In July it launched construction of the 250-megawatt Cedar Creek II wind farm in Weld County, Colo.
BP announced fourth-quarter net income, up 30 percent to $5.6 billion compared to the same time period a year ago.