Equinor sells $1.1bn stake in US offshore wind tasks to BP

Equinor has agreed to promote a 50% stake in two offshore developments to British oil and fuel firm BP for $1.1bn.

The stakes cowl the Empire Wind mission within the waters of New York State, and the Beacon Wind mission off the price of Massachusetts.

Equinor secured the lease for the Empire Wind space in 2016, overlaying 80,000 acres of land south-east of Lengthy Island. Two phases of improvement will equip the wind farm with greater than 60 generators. First energy from Part 1 will come within the mid-2020s, whereas Part 2 is getting ready for upcoming solicitations.

As soon as accomplished, the wind facility can have 2GW of wind era capability, enough to energy a couple of million properties within the area.

The Beacon Wind facility spreads throughout 128,000 acres, and can have 2.4GW capability. This might be enough to energy a couple of million households within the north-eastern US.

The businesses have additionally introduced the formation of a brand new strategic partnership for creating offshore wind tasks within the US. Equinor and BP will pursue the event of current offshore wind leases on the US East coast, and collectively pursue additional alternatives for offshore wind within the US.

BP chief government Bernard Looney stated: “This is a vital early step within the supply of our new technique and our pivot to actually turning into an built-in vitality firm.

“Equinor is a recognised 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.”

The partnership with Equinor is certainly one of BP’s first offshore wind ventures. The enterprise varieties a part of the corporate’s efforts to put money into renewable era, develop 50GW by 2030.

As a part of the deal, Equinor will function the Empire and Beacon tasks within the improvement, building and operations phases.

Beacon Wind might be developed for future solicitation alternatives. A assessment course of can even begin for acquiring all essential permits for the mission.

Completion of the deal is topic to customary regulatory and different approvals and is anticipated to shut subsequent 12 months.

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