BP buys US offshore wind assets from Equinor for $1.1bn

The oil giant will acquire a 50% stake in two projects, which are expected to produce enough energy to power more than one million homes

Equinor has sealed an agreement with BP to sell a 50% stake in its US offshore wind Empire Wind and Beacon Wind projects for $1.1 billion (£850m).

BP‘s acquisition of the interests in the projects, which total up to 4.4GW of capacity, is expected to close in early 2021 and Equinor will remain the operator of the projects in these leases.

Power generation from each site will be sufficient to power more than one million homes.

The new partnership between the two companies will also allow them to collaborate and develop offshore wind projects in the US.

Eldar Sætre, Chief Executive Officer in Equinor, said: “Our partnership underlines both companies’ strong commitment to accelerate the energy transition and combining our strengths will enable us to grow a profitable offshore wind business together in the US.”

Equinor has already set ambitions to grow its renewables capacity to 4 to 6GW by 2026 and 12 to 16GW by 2035, and has recently announced its expectation to accelerate these ambitions

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