BP and Equinor have completed the creation of their offshore wind partnership in the United States. As agreed in September 2020, Equinor has sold a 50% stake in the Empire Wind and Beacon Wind assets (up to 4.4 GW) in the US east coast to BP for US$1.1bn. Empire Wind is located southeast of Long Island and is being developed in two phases with a potential total installed capacity of more than 2 GW. Beacon Wind is located east of Montauk Point and south of Nantucket and has the potential to be developed with a total capacity of more than 2.4 GW. Equinor will remain the operator of the projects in these leases through the development, construction and operations phases.
The two companies will also establish a strategic partnership in the US offshore wind sector, seeking new opportunities. The partnership will help BP meet its plan to reach 20 GW of renewable power capacity by 2025 and around 50 GW by 2030.
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