BP and Equinor today completed the formation of their strategic US offshore wind partnership.
This includes BP’s $1.1 billion purchase from Equinor of a 50% interest in two major lease areas off the US East Coast.
The new partnership will develop up to 4.4GW through two projects – Empire Wind and Beacon Wind – and together pursue further growth in the US offshore wind market.
The completion of the partnership follows the recent success of the Empire Wind 2 and Beacon Wind 1 projects in being selected to provide New York State with 2.5GW of power.
This is the biggest US offshore wind award to date.
Together with the existing award to supply 816MW from the Empire Wind 1 development, this represents a total commitment to provide 3.3GW of renewable offshore wind energy to the State of New York.
BP’s executive vice president of gas and low carbon energy Dev Sanyal said: “We see significant opportunities by rapidly growing BP’s offshore wind business, making a major contribution to our strategic goals and developing assets that will provide long-term, stable returns.”