- Empire Wind has a potential total installed capacity of more than 2 GW
- The power generation from each site would be sufficient to power more than 1 million homes
- Equinor has committed to increase renewables capacity to 4 to 6 GW by 2026
Two of Europe’s largest oil companies will develop offshore wind projects jointly in the U.S. in yet another example of energy giants migrating towards the development of renewables.
Equinor (EQNR) of Norway said it has entered into an agreement to sell a 50% stake in two of its U.S. offshore wind projects to Britain-based BP (BP) for $1.1 billion.
The transaction is expected to close in early 2021.
The two projects – Empire Wind and Beacon Wind – are located off the coast of New York state and Massachusetts, respectively.
Under this deal, Equinor and BP will form a strategic partnership to develop more offshore