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Norway’s Equinor says it has closed its previously disclosed agreement with BP to sell 50 percent stakes in its Empire Wind and Beacon Wind projects, located offshore Massachusetts and New York, respectively, for $1.1 billion.
The transaction is the first step in Equinor’s strategic partnership with BP in the burgeoning U.S. offshore wind market. The agreement also marks BP’s first venture into offshore wind as the petroleum giant transitions its business to include more renewable energy sources.
Equinor will remain operator in both projects through the development, construction and operations phases.
In January, Equinor and BP were selected to develop two large offshore wind farms off New York State in what was said to be one of the largest renewable energy procurements in United States’ history.
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bp and Equinor have completed the formation of their strategic US offshore wind partnership. This includes bp’s US$1.1 billion purchase from Equinor of a 50% interest in two major lease areas off the US East Coast. The new partnership will develop up to 4.4 GW through two projects – Empire Wind and Beacon Wind – and together pursue further growth in the US offshore wind market.
The completion of the partnership follows the recent success of the Empire Wind 2 and Beacon Wind 1 projects in being selected to provide New York State with 2.5 GW of power. This is the biggest US offshore wind award to date. Together with the existing award to supply 816 MW from the Empire Wind 1 development, this represents a total commitment to provide 3.3 GW of renewable offshore wind energy to the State of New York.
Letter: Cuomo right to propose port expansion for wind towers
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FILE. Letter writer says, By proposing a state-of-the-art facility for assembling wind towers in a brownfield (“Cuomo touts port for wind towers,” Jan. 14), Gov. Andrew Cuomo is showing how agile leaders can work on solving more than one problem at a time. In this photo, Richard Hendrick, CEO of the Port of Albany, speaks at a press conference at the port on Thursday, Jan. 14, 2021, in Albany, N.Y. The press conference was held to discuss details of the proposed wind turbine manufacturing/assembly center at the port. (Paul Buckowski/Times Union)Paul Buckowski/Albany Times Union
The offshore wind juggernaut continues at full force in the US, with New York State announcing that Equinor, with incoming partner BP, had won a solicitation to provide 2.5 gW of electricity from two offshore lease areas.