Global energy giant BP plans to invest over $1bn on developing its alternative energy business in 2010.

BP Alternative Energy chief executive Katrina Landis told Reuters that investments are moving forward faster than BP anticipated.

“We are pursuing some really attractive investment opportunities,” Landis said without giving specific details.

BP spent $1.3bn in the alternative energy sector last year, about 6% of the firm’s overall investment, according to Landis.

Landis said that increasing investment in alternative energy would depend year-to-year on opportunities available.

“Strategically, we’re committed to bringing as many kinds of energies to the market as we can,” Landis said.