Equinor and BP have finalised purchase and sale agreements with the New York State Energy Research and Development Authority (NYSERDA) for 3300MW of offshore wind.
The PSAs set the terms under which the Empire Wind 1 and Beacon Wind 1 projects will supply renewable power to New York and inject economic investments into the state’s economy.
The finalisation of the PSAs concludes the contracts awarded in January 2021, when Equinor and BP were selected to provide New York State with offshore wind power.
The PSAs outline the terms under which Equinor and BP will provide generation capacity of 1260MW from Empire Wind 2, and another 1230MW of power from Beacon Wind 1, while making “substantial investments” in New York’s infrastructure.
The projects include port upgrades to transform South Brooklyn Marine Terminal into a major staging and assembly facility for the industry, as well as an operations and maintenance base for the projects.
Equinor recently announced the opening of a New York project office located in Sunset Park, Brooklyn, opposite the South Brooklyn Marine Terminal. The partnership will also invest in the Port of Albany, making it America’s first offshore wind tower and transition piece manufacturing facility.
The completion of the PSA represents a major milestone and enables the start of project execution for the Equinor-BP partnership, the partners said.
“Today’s announcement sets Equinor and bp on the path to provide over 3.3 gigawatts (GW) of offshore wind power for New York,” said Siri Espedal Kindem, President of Equinor Wind US.
“It also offers a large-scale, tangible demonstration of the incredible economic activity and carbon reduction potential being driven by New York’s green energy transition.
“We are proud to help lead the growth of this exciting industry in New York.”
Once completed, the developers’ portfolio of active offshore wind projects will produce enough electricity to power about 2 million New York homes, and will help generate more than $1 billion in economic output to New York State, they said.