BP Buys into U.S. Offshore Wind Business

Norwegian company Equinor and the British oil giant BP have entered into a strategic partnership to develop offshore wind projects in the US. 

Under the agreement, BP will buy a 50% stake in Equinor's Empire Wind and Beacon Wind assets on the US east coast for a total consideration before adjustments of USD 1.1 billion, marking the UK-based oil giant's entry into offshore wind.

Through this transaction, the two companies are also establishing a strategic partnership for further growth within the offshore wind sector in the US.

Currently, Equinor holds a 100% interest in both the Empire Wind lease, located off the coast of New York State and the Beacon Wind lease, located off the Massachusetts coast. 

Bernard Looney, BP’s chief executive, said: “This is an important early step in the delivery of our new strategy and our pivot to truly becoming an integrated energy company. Offshore wind is growing at around 20% a year globally and is recognized as being a core part of meeting the world’s need to limit emissions. Equinor is a recognized sector leader and this partnership builds on a long history between our two companies. It will play a vital role in allowing us to deliver our aim of rapidly scaling up our renewable energy capacity, and in doing so help deliver the energy the world wants and needs.”