Equinor partners with BP in US offshore wind
10 September, 2020
Equinor has entered into an agreement with BP to sell 50% non-operated interests in the Empire Wind and Beacon Wind assets on the US east coast for a total consideration before adjustments of US$1.1bn (£846m).
Equinor will remain the operator of the projects in these leases through the development, construction and operations phases and it is anticipated that the wind farms will be equally staffed after a period of time.
Through this partnership Equinor and BP will consider future joint opportunities in the US for both bottom-fixed and floating offshore wind and will leverage relevant expertise to jointly grow scale.
As the partnership develops, both companies hope to expand co-operation further in a market that is forecast to grow to between 600GW and 800GW globally by 2050.