BP entered the offshore wind market with a $1.1 billion deal to buy 50 per cent stakes in two US developments from Norway’s Equinor.
BP has set itself a target of increasing its renewable power generation capacity over the coming decade to 50 GW. As part of the deal, BP and Equinor also agreed to form a partnership to develop other offshore wind projects in the United States. The deal includes the Empire Wind project off New York and Beacon Wind off Massachusetts, which could together generate up to 4.4 GW – enough power for more than two million homes. The Empire project is expected to start operations in the mid-2020s.